Survey Results--Hourly Rates Going Up
The American Lawyer's annual survey of Managing Partners to AmLaw 200 firms (112 respondents) is out. In light of my recent posts on the economy and hourly rate increase, two survey questions jumped out at me.
|
What will you do with billing rates for 2009? |
Percentage |
| Increase them by more than 5 percent | 35% |
| Increase them by 5 percent or less | 63% |
| Hold them flat or decrease them | 3% |
| With respect to profits per partner, in 2009 you expect: | Percentage |
| They will grow by more than 5 percent | 23% |
| They will grow by 5 percent or less. | 43% |
| They will be flat or decrease | 35% |
So, notwithstanding the enormous difficulty our clients are experiencing, 97% of the AmLaw 200 expect to raise hourly rates. And 2/3 of the firms expect an increase in profits per partner in 2009.
One can only marvel.
But the same issue contains some incredible information about how clients are responding. For more on that, be sure to read my next post.