Record-setting hourly rates at the largest law firms don’t appear to be costing them any of their market share of legal spending, according to the latest reporting on rates by LexisNexis CounselLink.

At 61%, the difference in 2023 between the median partner billing rate at firms with more than 750 lawyers and that of the next size tier has never been wider in the 11 years that CounselLink has publicly tracked such data. Also in 2023, law firms with more than 750 lawyers grew their share of legal spend to 48.2%, up from 47.9% in 2022, according to CounselLink’s 2024 Trends Report.