Billing Rates Continue to Rise
The economy may be slowing, but billing rates continued to rise, according to information provided by 127 law firms that responded to billing questions submitted as part of the NLJ 250, The National Law Journal‘s annual survey of the nation’s largest law firms.
Billings climbed by an average of 4.3%, 70.6% of firms increased billings this year, and one firm broke the $1200 an hour mark.
The average of the average firmwide billing rate for 2008 was $363 per hour, compared with $348 in 2007. The average of the median firmwide rate this year was $350 per hour, compared with $347 per hour last year.