Legal business publications in 2022 were replete with reports of huge hourly rate increase requests from firms that left buyers "surprised, angry, and dismayed."
This marked the end of a period of a decade or more where law firms had been content with relatively modest rate increases, and the topic of rate management had therefore become largely neglected.
Our report shows that over the last two years, law departments were unprepared for something that was reasonably foreseeable: That demand would spike and trigger large rate increases from firms.
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