Survey: ‘Does your law firm plan to raise rates in 2023?’

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.

rws_01

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