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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. One of the key findings is the gap between the median hourly rates for Big Law firms and second tier firms is continuing to grow.

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.