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Pricing Billing Rates
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The Law Firms Generating 8-Figure Fees on the Year's Big Ticket UK Deals
By Krishnan Nair | November 5, 2024
The U.K. M&A market rebound has been a boon for a handful of elite law firms, according to Law.com International research, with one firm proving especially prolific.
3 minute read
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Challenge for Lawyers as Regulators and Financing Delay Oil & Gas Deals in Africa
By Alfred Olufemi | September 2, 2024
Delays to deal closings are hurting the financial expectations of legal advisers and it has become increasingly unlikely for a law firm to be able to agree fixed legal fees, say local lawyers.
5 minute read
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Am Law 50 Law Firms 'Outpacing' the Industry More in 2024, as Segmentation Accelerates
By Andrew Maloney | August 26, 2024
"It is a bit of a vicious cycle for the rest of the industry to observe. It allows these elite firms to continue to pull away, as long as they continue to focus on those higher client value opportunities," noted one industry consultant.
5 minute read
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The UK Top 50 Firms With the Highest Debtor Days
By Jack Womack | June 6, 2024
Almost twice as many firms saw their debtor days rise compared with the previous year, research has found, with one accountant saying: 'It is hard to think of another sector that is worse at getting its clients to pay.'
3 minute read
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What Does Big Law Stand to Gain From Slow AI Adoption?
By Justin Henry | May 27, 2024
Observers in the legal tech industry speculate that firms' caution stems from a commitment to a profitability model dependent on high leverage and hourly billing.
8 minute read
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Legal Regulator Criticises Lawyers for Seeking Eased Rules on Russia Work
By Jack Womack | October 3, 2023
General licences granted by the government, which enable firms to take on otherwise sanctioned work, have 'blinded the system', the Legal Services Board's chief executive has said.
3 minute read
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Dentons Files Lawsuit Against Ex-Client for $1.7 Million in Unpaid Legal Fees
By Emily Saul | July 24, 2023
The global law firm filed a complaint alleging breach of contract, unjust enrichment, and other claims.
2 minute read
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Freshfields, Cleary Among Firms Owed $4M Following Collapse of Russian Bank VTB
By Jack Womack | February 23, 2023
Several prominent law firms are owed large sums of money following the administration of the U.K. arm of the Russian state-owned bank.
3 minute read
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Law Firm Diversity Remains Important for In-House Teams Despite Costs Pressures
By Jack Womack | November 22, 2022
The research also found that many corporates had work to do when it came to their own diversity efforts.
2 minute read
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Raising Billing Rates in 2023 Becomes A 'Singular Focus' For Law Firms
By Andrew Maloney | November 22, 2022
"We're seeing higher planned rate increases at this point than we've ever seen, and we've been tracking this for 15 years," said a Wells Fargo analyst.
4 minute read
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Senior Associates' Billing Rates See The Biggest Jump
By Andrew Maloney | January 22, 2025
“You’re getting some associate rates cresting to over $1,000 an hour, as much as some junior partners," said Jennifer McIver, of Wolters Kluwer ELM Solutions.
1 minute read
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Strategic Pricing: Setting the Billable Hour at the Intersection of Psychology, Feedback and Growth
By David Ackert | January 7, 2025
If there's no pushback on new rates, the increase was too low, David Ackert writes: Each strategic adjustment should help cull a few unprofitable clients.
1 minute read
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Clients Paid More for Less Experience in 2024 Rate Hikes
By Dan Roe | December 6, 2024
Firms raised the prices of their cheapest paralegals, associates and partners higher than rate hikes for more experienced professionals of the same tier, bankruptcy court records show.
1 minute read
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Rates Will Go Up (Again), But Here's Why Profitability Might Not Be Maximized
By Andrew Maloney | October 18, 2024
There are three major pricing errors, and many partners "don't grasp the balance between costs, pricing and profits," one expert says.
4 minute read
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'Utterly Bewildering': GCs Struggle to Grasp Scattershot Nature of Law Firm Rate Hikes
By James Palmer | October 17, 2024
"It's a complicated, highly fragmented industry with tens of thousands of people making different decisions every day," said Jason Winmill, legal department consultant.
5 minute read
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ClioCon 2024 Takeaways: Navigating Law Firms' AI Future
By Rhys Dipshan | October 8, 2024
At Clio's Cloud Conference 2024, lawyers were wondering what impacts AI will have on their industry—and how they can prepare.
6 minute read
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Defendant Awarded Increased Attorney Fees Six Months After Trial Win Against FTC
By Mason Lawlor | September 20, 2024
Attorney Charles Hoffecker of Hotchkiss Hoffecker Peacock in Atlanta said the FTC failed to adjust its "shotgun approach" in aggressively pursuing claims against their client despite the emerging evidence that he did not directly participate in unfair and deceptive practices.
4 minute read
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Partners Confront 'Deeply Uncomfortable' Client Communications on Soaring Billing Rates
By Mimi Lamarre | August 14, 2024
Law firms are increasingly relying on engagement letters or online e-billing platforms to alert clients of rate increases, even though less personalized communication can frustrate clients, sources say.
6 minute read
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The AI Pricing Dilemma: Where Client Value and Firm Profitability Intersect
By Keith Maziarek | July 22, 2024
When you replace your engine (junior lawyers billing hours) with an electric motor (gen AI), your service department isn't making money like it used to.
11 minute read
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'We Need to Do a Much Better Job': Lewis Brisbois Held Onto Millions in Old Client Funds, Internal Memo Says
By Justin Henry | June 25, 2024
The details in an April 2023 memo to the firm's management committee echoed allegations from a recent lawsuit and a 2019 letter to California state labor authorities.
7 minute read
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