Join Major, Lindsey & Africa's Jeff Lowe during the featured panel session at the 2018 Law Firm Financial Performance Forum.
Wednesday, October 24
1:45pm – 3:15pm ET
“Curiouser and Curiouser”: Assessing Law Firm Lawyer Rates in the Current Market
One of the more intriguing trends in today’s economy is the ongoing uptick in lawyer rates in the face of flat demand. As noted in the latest Peer Monitor data, demand growth throughout the AmLaw 100 and midsize community remains unequivocally tepid, vacillating between 0.3% and 1.2% growth on average per quarter. Yet, despite such underwhelming metrics, law firms are raising their actual work rates at an average annual pace of 3%, and many are reporting an overall improvement in realization. This workshop offers a robust inquiry into the practicality and rationality of ascending law firm fees. Participants are asked to consider how firms are approaching rate increases for 2019 vis-à-vis several provocative talking points, including:
- Client receptivity and price-volume sensitivity;
- The overall shelf life of high rate work;
- Cultural approaches to business development and flexibility around compensatory models
- Impact of alternative fee arrangements on rates
- Effect of law firm brands on client decisions
Brian Sprague, Chief Financial Officer, Akin Gump Strauss Hauer & Feld LLP
More information about The 2018 Law Firm Financial Performance Forum.