Billing rates up for US partners and associates
The billing rates for US partners increased by 3.1 percent to $536 in 2012, compared to a 4 percent increase in 2011. Similarly, average associate rates increased 7.4 percent to $370 in 2012, down from 8.5 percent growth the year before.
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The figures come from an analysis conducted by TyMetrix Legal Analytics and CEB. The report is based on data from $9.5 billion worth of invoices submitted by 4,800 US law firms to 83 corporate clients from 2008 to 2012.
Partners in New York City had the highest average billing rate—about $756—while the practice area with the highest billing rate was finance and securities, with an average of $673 an hour.