Valeo 2024 Law Firm Hourly Rate Report
$49,995.00
The Valeo 2024 Law Firm Hourly Rate Report is the most comprehensive and most detailed competitive intelligence and legal pricing tool available because the Report details average hourly rates by individual law firms as opposed to aggregate groupings of law firms with disparate pricing structures as is found in surveys, peer services and e-billing reports.
Most large law firms will raise their hourly rates in 2024, according to the Report. This is due to several reasons: 1) large law firms continue to consolidate thereby concentrating expertise amongst fewer firm thereby reducing supply 2) Billing restrictions by Corporate Counsel are still active and in place and the most effective tool for law firms to increase revenue and profitability is the hourly rate and 3) Most large law firms are very diversified in terms of practice areas and industry strength and can weather changes in the economic landscape better than smaller law firms which have fewer practice areas and more limited geographical footprints. The Report discloses actual billed hourly rates for 2019 – 2023. Hourly rates for 2024 are compiled from actual billed rates from multi-year agreements and estimates.
Description
The Valeo 2024 Law Firm Hourly Rate Report is the most comprehensive and most detailed competitive intelligence and legal pricing tool available because the Report details average hourly rates by individual law firms as opposed to aggregate groupings of law firms with disparate pricing structures as is found in surveys, peer services and e-billing reports.
Most large law firms will raise their hourly rates in 2024, according to the Report. This is due to several reasons: 1) large law firms continue to consolidate thereby concentrating expertise amongst fewer firm thereby reducing supply 2) Billing restrictions by Corporate Counsel are still active and in place and the most effective tool for law firms to increase revenue and profitability is the hourly rate and 3) Most large law firms are very diversified in terms of practice areas and industry strength and can weather changes in the economic landscape better than smaller law firms which have fewer practice areas and more limited geographical footprints. The Report discloses actual billed hourly rates for 2019 – 2023. Hourly rates for 2024 are compiled from actual billed rates from multi-year agreements and estimates.
