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Law firms have been quite successful since 2022 at pushing more aggressive worked rate growth, putting them on solid footing for improving revenue outlooks. What likely started as an exercise to try to combat inflation now has set what is looking more like a new standard for rate growth.
–Thompson Reuters Institute in its Law firm rates in 2023 report. Inflation gave firms an opportunity to raise rates in response, but if there’s truth to the theory that law firms were already billing below their worth the end of inflation may not put an end to these increases.
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