Dublin, Aug. 31, 2023 (GLOBE NEWSWIRE) -- The release of the 2024 Law Firm Hourly Rate Report is bound to shed light on the recent dispute over hourly rates charged by law firm Gibson Dunn in the Miami legal market.
This yearly report is hailed as the most comprehensive and detailed competitive intelligence and legal pricing tool available to date. Unlike other tools and surveys that often aggregate data from diverse law firms, this report gives insights into average hourly rates by individual law firms.
Key insights from the report include:
- A surge in hourly rates in 2024 by most large law firms. Factors driving this increase include:
- Consolidation among large law firms, resulting in expertise being concentrated among fewer entities.
- Ongoing billing restrictions by Corporate Counsel, leaving hourly rate adjustments as the prime method for law firms to boost revenue.
- The resilience of big law firms owing to their diversified practice areas, allowing them to better navigate economic fluctuations compared to their smaller counterparts.
Furthermore, the report details actual billed hourly rates spanning from 2019-2023. Rates projected for 2024 are derived from actual billed rates present in multi-year agreements and various estimates.
The connection to the Gibson Dunn's Miami case is particularly poignant. A recent news article dated August 9, 2023, highlighted a U.S. judge's decision to cut back a legal-fee request from law firm Gibson, Dunn & Crutcher. This was on the grounds that their hourly rates were considered "unreasonable" within the Miami legal market context. The court deemed $700 an hour as a reasonable fee for the case. For perspective, Gibson Dunn partners from other regions were billing at rates surpassing $1,700 an hour, as were many other large law firms in the US.
This scenario raises pertinent questions about the relativity of 'reasonability' when it comes to legal fees and how global firms align their rates with local markets. The 2024 Law Firm Hourly Rate Report will be instrumental for law firms, clients, and industry stakeholders in navigating these waters.
The report's table of contents features an executive summary, average rates by revenue groups, and average rates by individual firms.
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