During a period of relatively flat demand, billing rate hikes continue to drive Big Law revenue, according to a new report this week, as law firms on average rose rates by 7.9% by the third quarter, the highest mark since at least the Great Recession period.

Success in 2023 will depend “more than usual on a successful year-end collections push,” analysts for Wells Fargo’s Legal Specialty Group wrote in their nine-month survey results (echoing other analyses this week). But billing rates and revenue gains have arguably helped firms stave off more cuts next year and emboldened leaders to keep their foot on the accelerator when it comes to rates.