March 8, 2007
The Midsized Law Firm Bargain
A February 2007 Law Office Management and Administrative Report article dealing with the continuing rise in large law firm rates includes the following chart of billing rates:
Compare the above to standard rates of the top 250 firms and major corporate consumers of legal services can reduce the cost of those services significantly by turning away from AmLaw 200 firms and their nearby wannabes. What is good for midsized firms is that corporate prospects know about the bargain that midsized law firms represent and technology makes it easier for them to find and do business with smaller firms.
Robert Denney, reporting on trends in the legal profession in the January/February 2007 issue of Law Practice noted the continued success of independent midsized law firms. He wrote "legal pundits have continued to predict their demise–however, the pundits' conventional wisdom continues to be wrong."
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