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The Shift: Both Law Firms and Clients Can Boast About Fee Wins

By now, several organizations have reported that, despite the Am Law 200's worst fears, the legal industry enjoyed growth in 2020. Citi Private Bank Law Firm Group and Hildebrandt Consulting have projected mid single digit growth in revenue and mid to high single digit growth in profits.

Last year, large firms managed to raise rates about 5%, according to James Jones, a senior fellow at the Georgetown Law Center on Ethics and the Legal Profession. That's remarkable considering the chaotic and depressing environment of 2020, and even more remarkable that the average annual rate increase for firms since 2008 has been about 3%.