The Wall Street Journal's Jennifer Smith reports that law firms are increasing rates again (here). I'd love to see those studies mentioned in her article. The issue of raising rates is, of course, tied to whether those higher rates are collectible. I could raise my rate to $10,000/hour, but I don't think I could collect any fees at that rate. And in those practice areas in which rates are reviewed by courts (like my own area of bankruptcy law), raised rates are not a slam dunk. I'm looking forward to following this story.
Now compare that story to the one that just broke about Weil, Gotshal & Manges laying off sixty associates (here). That leads credence to my suspicion that, although rates may be going up, the ability of any law firm to collect 100% of the bills based on those new rates may not be going up.
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