"We’re seeing higher planned rate increases at this point than we’ve ever seen, and we’ve been tracking this for 15 years," said a Wells Fargo analyst.
November 22, 2022 at 05:00 AM
4 minute read
Editorial
The original version of this story was published on The American Lawyer
Law firms are preparing “aggressive” billing rate increases for 2023, seeking to overcome inflation amid challenges in their demand and productivity, according to legal industry analysts.
Law firm leaders told Wells Fargo Legal Specialty Group they will raise rates on average around 7% or 8%—before discounting—in 2023.
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