Latest CounselLink stats: Big Law getting bigger?
LexisNexis just published its latest CounselLink Enterprise Legal Management Trends Report based on an analysis of $18 billion in outside counsel invoices processed in the 6 months to 30 June 2015. For more information and to download a copy click HERE
Lot of interesting data to be found in it, including…
• The gap between the median hourly rates for Big Law firms ($711) and second tier firms ($495) is continuing to grow
• The overall usage of AFAs remains relatively stable, accounting for just 7% of total billings (corporate/general tax is the fastest growing area)
• The cities seeing the biggest increases in partner hourly rate growth are Boston, Chicago, San Francisco & Philadelphia
• The practice areas averaging the highest hourly rates are M&A ($600) followed by Regulatory & Compliance ($563) – insurance work is the lowest paying at $185. However the highest growth in rates in recent years are in Regulatory & Compliance and IP/Patent work.