The recently released ELM Solutions 2024 Real Rate Report highlights a notable increase in associate rates, especially among senior associates. Rates for the top third quartile of associates rose from $735 to $795, reflecting one of the largest changes in the legal industry. Overall, the average hourly rate for all associates climbed from $579 to $597 between 2023 and 2024. These findings were discussed by Jennifer McIver, a director at Wolters Kluwer, emphasizing the movement in pay scales within legal operations.
You're getting some associate rates cresting to over $1,000 an hour, as much as some junior partners.
Senior associates saw the biggest rate hikes between 2023 and 2024.
The top third quartile of associates' rates climbed from $735 to $795 year to year.
On average, the rate for all associates jumped from $579 to $597 between 2023 and 2024.
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