2024 Billing Rate Increases 

As your firm goes through the process of setting rates for 2024, the Law Firm Rates in 2023: What’s Working, What Isn’t, and How to Move Forward into 2024 report may be of interest to you. This special report from Thomson Reuters Institute and True Value Partnering Institute explores not only the current and historical performance of law firm rates, but also provides insight into other potential pitfalls that may negatively impact the growth of law firm revenue and, ultimately, profitability. The report also covers the recent decrease in collected realization against worked (agreed) rates, which I personally found to be interesting and is a data point your firms should audit annually to fully understand what is causing fluctuations in the firm’s realization.

SCG is monitoring rate increases across the globe and we are happy to help you with this challenging annual process. Please reach out directly to SCG Legal CEO Alina Gorokhovsky at agorokhovsky@scglegal.com with questions.