Over 70% percent of large law firms surveyed raised their billing rates this year, with one firm charging more than $1,200 an hour, according to the ABA Journal.
The average partner rate was considerably lower, $451 an hour at all law firms surveyed.
New York’s White & Case, the 10th largest law firm globally, reported the highest billing rate — a whopping $1,260 an hour — for its top lawyers. Next highest was Minneapolis’ Dorsey & Whitney, which bills $1,180 an hour for two of its international tax lawyers.
Law firms surveyed increased billing rates for both partners and associates by an average 4.3% this year, compared to an average hike last year of 7.7%.
White & Case said $1,260 number was “representative of only two potential billing scenarios for clients” and “[did] not take into account a number of key factors, including blended rates and rates negotiated with specific clients.”
Via ABA Journal.