Billing report shows rates are up, hours are down
Corporate clients bought fewer hours from law firms in 2013, though they paid more for what they bought, according to the latest LegalView Legal Market Index, which is produced by data firm TyMetrix. The number of legal work hours purchased for went down by 1.3 percent, while fees were up by 1.6 percent. comments powered by Disqus
The index looks at data on the purchase of legal services by 70 large corporate clients spread across eight industry groups. And these entities certainly are spending: between the 70 companies, $5.1 billion was spent on outside legal services in the last two years.