Lawyers

Partner Billing Rate Gap between Two Largest Tiers Increases
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

partner billing rate

Summary: A LexisNexis CounselLink study has determined through its data that the billing rate gap for partners at the largest 50 law firms and the next tier down is growing.

A recent study has discovered an alarming trend growing between the largest 50 U.S. law firms and the next tier down. The LexisNexis CounselLink study has uncovered an increasing gap between hourly partner billing rates between the “Largest 50” and the “Second Largest.”

  
What
Where


The LexisNexis CounselLink Electronic Legal Management Trends (ELM) Report defines the “Largest 50” U.S. law firm as those with 750 or more attorneys. The “Second Largest” firms are defined as firms with 501 up to 750 attorneys. The hourly partner rates at the largest firms are 40 percent higher than the partners at the second tier. This means that the average partner billing rate is $627 per hour at the largest firms but only $447 per hour in the next tier down.

Just last year the partner rate gap was at 30 percent, a sharp ten percent increase in one year. The report is compiled with roughly $26 billion in actual corporate legal spending through the CounselLink system. They had access to almost 6 million invoices and approximately 1.5 million matters.

Other trends from the report that were revealed include an increase in law firm consolidation with 62 percent of clients in the database using less than 10 firms to take care of 80 percent of their legal work. Corporations are using fewer firms to handle their legal work compared to in the past. Retail and trade corporations have the highest rate of law firm consolidation at 77 percent.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




Cities with a partner billing rate growth of over 3.5 percent year-over-year are Boston, Los Angeles, New York, Phoenix, Seattle, and Washington D.C. The states with a 6.5 percent year-over-year partner billing rate growth are Indiana, Massachusetts, North Dakota, Utah and Washington.

What do you think is driving the rate increase? Tell us in the comments below.



To learn more about law firm reports, read these articles:

Photo: lawtimes.us



 

Interesting Legal Sites You May Like


BCG FEATURED JOB

Locations:

Keyword:



Search Now

Litigation Trial Attorney with 3-5 years of pleading experience

USA-WA-Seattle

Seattle office of our client seeks litigation trial attorney with 3-5 years of experience. The candi...

Apply Now

Corporate Attorney with mergers and acquisitions experience

USA-CA-Los Angeles

Los Angeles office is seeking a corporate attorney with 1-6 years of M&A, corporate finance, securit...

Apply Now

Estate Planning Attorney with 6+ years of experience

USA-CA-Los Angeles

Los Angeles office is seeking an experienced estate planning attorney with 6+ years of experience. C...

Apply Now

Patent Prosecution Associate

USA-IL-Chicago

Chicago office of our client seeks patent prosecution associate with experience. The candidate shoul...

Apply Now

RELEVANT JOBS

Staff Attorney- Sargent Shriver Civil Counsel Act Project

USA-CA-Bakersfield

Greater Bakersfield Legal Assistance, Inc.  (GBLA) is pleased to announce that it is currently ...

Apply now

Housing Discrimination Attorney part / full time position - $170.00/hr

USA-FL-Orlando

We are a small Real Estate company seeking a Florida Federal Court  licenced Attorney ...

Apply now

Experienced Family Law Paralegal

USA-TX-Midlothian

Experienced Family Law Paralegal needed for a small but growing south Dallas / Fort Worth area law f...

Apply now

Associate Attorney

USA-NJ-Elmwood Park

Associate Attorney for small Bergen County (NJ) law firm specializing in estate and business plannin...

Apply now

Most Popular

SEARCH IN ARCHIVE

To Top