Biglaw Hourly Rate Increases Aren't Going To Slow Down Any Time Soon
Biglaw firms are going to keep increasing their hourly rates -- and clients are going to keep paying them.
Ed. note: Welcome to our daily feature, Quote of the Day.
The issue I see is that, today, a $1,500-an-hour rate is not that uncommon. [At the top of the legal industry,] there is no downward pressure on rates.
The greatest miracle existing is that of compound interest. And what happens is, rate increases over time that are slightly above inflation tend to make for very high rates.
— John O’Connor, a San Francisco-based legal fee expert, in comments given to Roy Strom of Bloomberg Law, on the high rates currently being charged by lawyers at some of the top firms in the country. According to O’Connor, there’s “no sign” that rate increases at these top firms will slow down any time soon.
Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on X/Twitter and Threads or connect with her on LinkedIn.
