Big Law firms appear to be dialing back annual rate increases in 2024 after raising rates more aggressively in 2023, according to an American Lawyer review of rate increase notices via bankruptcy court filings.

A cohort of 10 Am Law 50 firms that posted a rate increase notice in late 2023 or early 2024 rolled out rate hikes of roughly 8% to 10%, whereas the same group of firms raised rates between 10% and 15% in early 2023.