Law firm rate structures are already mostly in place for 2023 and firms are generally reluctant to walk them back, according to authors of a new study from Georgetown University and Thomson Reuters.
January 10, 2023 at 05:00 AM
5 minute read
Editorial
The original version of this story was published on The American Lawyer
High expenses, high associate pay and lower profits per partner may force law firms to make “increasingly difficult decisions” this year and beyond, according to a new report.
The 2023 Report on the State of the Legal Market, published Tuesday, concluded that after a 0.1% drop in demand last year, Big Law will likely rely on significant rate hikes to maintain profits this year and next year.
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