CounselLink® Mid-Year Special Edition 2024 Trends Report: Update on Outside Counsel Billing Rates

In the LexisNexis® CounselLink® 11th annual Trends Report, data revealed an exponential increase in outside counsel partner hourly rates across practice areas.

In this Mid-year Special Edition, featuring 2024 data from January to July, two things have changed:

  • General counsels are not accepting rate increases at last year's levels. While rates continue to increase, YTD 2024 rates did not rise again at unprecedented levels.
  • Secondly, 2024 is the first year (of several) that reflects a shift in the share of wallet of legal spend away from the largest firms. Understandably, these firms received the highest rate increases in the most recent record-setting years.

See where hourly rates shake out across practice areas in 2024. Is it time to change how you negotiate law firm rates and your mix of vendors to represent your organization?

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