It’s that time of year again when billing rates increase
My experience tells me that sole and small firm lawyers’ billing rates, despite the publicity to the contrary, are below "market value." Rates can be increased a bit, generally. And no excuse needs to be given if the increases are done properly. I’ve written several suggestions on how and when to increase rates.
On the other hand, large law firms tend to increase rates annually, by amounts that get noticed by their clients, who do not appreciate such increases. An interesting quote:
"… When a law firm (or its favorite consultants) uses a term like inflation from Econ 101 to justify the annual ritual of rate increases, it really insults the intelligence of its clients. Clients see it for what it really is: validation of the essential truth that law firms have no incentive to control costs. They may feel an ethical urge to do so. Believing in that requires no small level of trust. Or is it a leap of faith, Virginia?"
Obviously, they didn’t read my writing.Tags: Cash Flow - Finances
Categorized in: Cash Flow - Finances