Great insights, Susan G. Agopian! The trend towards higher billing rates is certainly one to watch. It's interesting to see how D.C. is leading the way in litigation billing rates, and the strong performance of the region's firms is impressive. Thank you for sharing this valuable information! #LateralLink #LegalIndustry #BillingRates #LegalTrends
The trend towards higher billing rates continues! According to a new survey from the National Association of Legal Fee Analysis, D.C. emerged as the top city for litigation billing rates in 2023, with a notable 25% of respondents reporting hourly rates surpassing $951, the highest among 24 tracked cities. Major law firms' presence in the region was highlighted as a key contributing factor to these high billing rates. Over 2,000 D.C. attorneys participated in the survey, revealing that a quarter fell within the top billing tier, ranging from $951 to over $1,300. The survey results pointed towards a positive year-end financial performance for D.C. firms, with an average billing rate increase of 8.8%, outpacing the industry average. This growth was fueled by heightened demand in litigation and regulatory practices. Looking ahead, billing rate hikes are expected to continue, with 86% of large firms in the U.S. and U.K. anticipating rate increases in the coming year, reflecting an ongoing trend towards higher billing rates across the legal sector. https://lnkd.in/g6WTGn5Z