The 2025 CounselLink Trends Report reveals Biglaw's enduring dominance in the legal sphere, capturing almost 50% of total legal spending amounting to $67 billion last year. Despite rising client complaints about billable rates and calls for spend control, partner rates soared by an average of 5.1% in 2024. This reflects a significant disparity between leading firms and their competitors, with top partners billing over $2,300 per hour. The report also highlights a notable increase in legal spend among smaller firms, suggesting a shifting landscape where both small and large firms can thrive amid economic challenges.
The newly dropped 2025 CounselLink Trends Report indicates that law firms with 750+ lawyers account for 49.3 percent of all legal spend, demonstrating Biglaw's dominant market position.
Despite clients' claims of managing expenses, Biglaw partners raised billing rates by 5.1 percent average, reflecting their enduring grip on the legal market amid economic pressures.
Boards prefer hiring top-tier firms like Cravath, emphasizing brand name value in legal representation over cost, perpetuating high billing practices amidst client budget constraints.
Smaller law firms also saw a notable rise in legal spend, suggesting a shifting dynamic where both Biglaw and small firms thrive in the current legal landscape.
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