Billing rates at US firms up by less than 3%
The tough economic environment has chilled fees, with average law firm billing rates increasing by a mere 2.7 percent in 2010. This is the second consecutive year that billing rates increased by less than 3 percent, according to the National Law Journal’s annual billing survey.
The survey examined the hourly charge rates at 187 of the top 250 US law firms.
“I think the days of firms being greedy are over,” said Michael Kelly, the chairman of Newark, New Jersey based law firm McCarter & English.
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