$1,260 per hour. That’s the new record high for attorney billing rates according to the National Law Journal’s annual billing survey. Despite the slowing economy, legal fees continued to climb in 2008 with nearly 71% of law firms reporting a rate increase. The average firmwide billing rate for 2008 was $363 per hour, compared with $348 in 2007.
The most expensive hourly rate came from White & Case, which reported the high end of its billing rate as $1,260/per hour for partners and $920/hour for associates. The firm’s average partner billing rate was $747 per hour.
What does the continued rise in legal fees mean for legal professionals? According to industry experts, cost-conscious clients may pull more work in-house or negotiate harder for alternative fee arrangements such as flat fees or blended rates.