Interesting take-out from a recent survey undertaken by the Managing Partner Forum (MPF) to the question:
“Does Your Firm Plan to Raise Rates in 2023?”
to which the results were:
- Twenty-four percent (24%) of participating firm leaders said their firms plan to increase rates by 10% or more.
- Forty-one percent (41%) said they were raising rates by 5-9% on average per time-keeper.
My take on this:
- 35% will be looking to raise their rates by between 1-4%; or
- 35% had recently just raised their rates (probably by a lot more than 10%) and feel they cannot raise rates again so soon; or
- 100% of respondents are too afraid to answer the question honestly.
I’ll leave it to you to decide.
As usual, comments are my own.
Random Thoughts On The Business Of Law 