December 23, 2005
Good Time for Law Firms
Two days ago I noted that the BTI Consulting Group is predicting double-digit 2006 growth in spending for the fast growing areas of class action defense, product liability, general litigation, regulatory, IP litigation and securities. Now the National Law Journal has weighed in with another good indication that it is a good time for law firms and their partners.
Firms are increasing hourly rate according to the Journal’s survey—most at both the partner and associate level. The Journal’s December 12, 2005, article reporting survey results flies in the face of general media stories reporting pricing pressures. MorePartnerIncome.com’s observation is that pricing pressures from insurance and major corporations are real related to commodity services. Those pressures may play a role in the size of the general rise in rates that are applied to more value-oriented services.
Taken as a whole, law firms that are paying attention to efficiency and financial management are doing well.
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Filed under Blog by Tom Collins