Large law firms get less work, but charge more
A new report on corporate spending has found that major corporations gave law firms nearly 12 per cent less work in the first half of 2013 compared to the same period from the year before, but when they did call on high-end services they were willing to pay more for them. comments powered by Disqus
The report which was published by electronic billing clearing house TyMetrix, found that the top 70 large corporations bought 467,963 fewer billable hours, or 11.6 percent, but that fees only declined by 5.9 percent, or about $72.2 million. This means that, on average, the overall rate went up 6.5 percent to $321.79 per hour.
American Lawyer magazine gave its appraisal of the situation as follows: "For all the rhetoric, clients appear willing and able to pay the fees when they have to, even the incredibly high ones. The problem that's out of everyone's control is the presence — or absence — of work."