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Lawyer Rates & Arrangements
Competitive intelligence and news on billing rates, evolving rate pressures and alternative pricing.
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Kirkland, Freshfields Earn 8-Figure Windfall for Leading £5.4B Hargreaves Lansdown Takeover
By Krishnan Nair | October 28, 2024
The legal spend is among the highest seen in London for a single transaction, according to rival partners.
3 minute read
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The Price of Time: Should Law Firms Sell Minutes or Value?
By Caroline Byrne | October 27, 2024
As the legal industry grapples with the rise of AI, the once-immutable billable hour faces unprecedented scrutiny.
4 minute read
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Are Law Firms Themselves to Blame When a Client Refuses to Pay?
By Louis Altmann | October 10, 2024
With law firms facing longer debtor days and having to take clients to court over unpaid bills, in-house counsel and partners explain what firms can do to address what many call a system in dire need of an overhaul.
6 minute read
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Senior Partners Approach $3,000 an Hour, As More Billing Rate Hikes Expected in 2025
By Mimi Lamarre | Andrew Maloney | September 24, 2024
About 16 Am Law 50 firms have third-year associates with rates over $1,000, but Valeo Partners project around half of the Am Law 50 to have rates of over $1,000 for this group of lawyers by 2025.
5 minute read
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Jones Day Billing Under the Spotlight in Court
By Louis Altmann | September 19, 2024
The firm is demanding hundreds of thousands of pounds in legal fees as part of a U.K. High Court dispute with Arcadia Energy, which the oil giant is contesting.
2 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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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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Anglo American GC: 'Maybe Partners Should Make Less Money and Associates Should Make More'
By Tom Parry | July 23, 2024
In a wide-ranging interview, the mining giant's company secretary Richard Price expresses concerns about the effects of soaring associate pay and the erosion of the rule of law.
8 minute read
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Billing Rate Hikes 'Not Slowing Down,' With Pricing Surges Expected in 2024
By Andrew Maloney | June 26, 2024
About 86% of large firms in the U.S. and U.K. expect to increase billing rates over the next 12 months, according to new survey results.
6 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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Kirkland Is Entering a New Market. Will Its Rates Get a Warm Welcome?
By Amanda O'Brien | January 22, 2025
Recruiters and observers in the market compared Kirkland’s move into Philadelphia with Goodwin Procter’s 2023 entry.
1 minute read
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Kirkland Lands in Phila., but Rate Pressure May Limit the High-Flying Firm's Growth Prospects
By Amanda O'Brien | January 22, 2025
Goodwin Procter, which arrived in the city early in 2023 with a focus on life sciences deals and private equity, could be an appropriate comparison. The firm added just five new lawyers locally in 2024.
1 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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The American Lawyer's Top Stories of 2024
By ALM Staff | December 27, 2024
From partnership changes to GenAI, here are some of The American Lawyer's most-read stories of the year.
1 minute read
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Decision of the Day: Contingency Fee to Counsel Result of Successful Advocacy, Not Windfall
By ALM Staff | November 19, 2024
This ruling was selected and summarized by the New York Law Journal's decision editors.
1 minute read
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The Price of Time: Should Law Firms Sell Minutes or Value?
By Caroline Byrne | October 27, 2024
As the legal industry grapples with the rise of AI, the once-immutable billable hour faces unprecedented scrutiny.
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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The Newest Law Firm Partner: Private Equity
By Howard Rosenberg | October 15, 2024
Howard Rosenberg, partner and head of talent intelligence & acquisitions at Baretz+Brunelle, explores whether "talent finance" is the new litigation finance, where outside funding could come into a law firm by way of the talent pipeline as opposed to litigation.
9 minute read
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Phila., Del. Firms Handling UArts' Ch. 7 Petition Fall Far Below Top Bankruptcy Rates
By Amanda O'Brien | October 14, 2024
Fox Rothchild's Michael Menkowitz, formerly the firm's financial restructuring and bankruptcy chair, has the highest rate among all the attorneys listed on the matter, bringing in $1,160 per hour.
3 minute read
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