The high rates paid to outside counsel are in the ranges of $2,100 to $2,620 for the highest firms, while others range from $1,465 to $1,860 and $1,170 to $1,285. A significant number of rates fall in the $800-$900 range, but the heavyweights operate far above.
According to BTI Consulting Group, more than half of corporate clients regard the high hourly rates as justifiable based on the quality of work being delivered. This indicates a strong correlation between cost and perceived value in legal services.
Looking ahead to 2025, it is anticipated that Biglaw firms will likely continue to raise their rates. However, this trend will come with the realistic expectation that client demands will also rise in tandem.
The analysis provided identifies 32 law firms with the highest hourly rates, including prominent names like Cravath, Kirkland & Ellis, and Latham & Watkins, showcasing a competitive landscape among legal service providers.
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