Elite law’s self-confidence has taken a beating. First the great recession hit, and now talk of disruption abounds. But the recession is over and disruption is far from an existential threat. It’s time for elite law to rediscover belief in the value it provides and start to raise rates as it did before the recession. Specifically, elite firms should:
- Raise rates across the board.
- Discount from the higher rates where necessary.
- Increase rates more for partners.
- Increase rates more for more distinct practices.
- Exit, or leverage up, practices where realized rates (i.e. after discounting) don’t rise.
Raise rates across the board
