Study: Location, Firm Size Key to Billing Rates
Wednesday, September 8, 2010
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| Law Firm |
A lot of interesting statistics jump out. For starters, legal bills increased at rates that exceeded inflation, in-house Lawyers who spent more at a particular law firm were not getting any discounts, and partner status added nearly $100 on average to a lawyer's rate regardless of experience.
But what most struck us about the report was its portrayal of an industry fraught with inconsistency. The vast majority of lawyers -- 85 percent -- charge clients different rates for the same work. The location of the biller and the size of the biller's firm -- not the biller's experience -- are the variables that most influence how much a client will pay. And though in-house counsel talk a good game about keeping rates in check, they approve almost three-fourths of all timekeepers' rate hikes.
8 comments:
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Great post on law firms toronto. My husband is a lawyer and its nice to know he is making a difference in the world. Great work.
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The inconsistencies are too be expected when you consider that different lawyers have different levels of experience and clients from different social sectors. Good to see that lawyers are "out-hustling" inflation anyway.
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There is relatively a large difference in the profit rates which were finalized through the legal bills. These legal bills highlighted the differences between the new comers as well as the old ones. The major profit was to the new comers.
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