Credit: Lemonsoup14/Adobe Stock Senior Partners Approach $3,000 an Hour, As More Billing Rate Hikes Expected in 2025
About 16 Am Law 50 firms have third-year associates with rates over $1,000, but Valeo Partners project around half of the Am Law 50 to have rates of over $1,000 for this group of lawyers by 2025.
September 24, 2024 at 04:19 PM
5 minute read
Lawyer Rates and Arrangements
What You Need to Know
- More big firms are going to approach hourly rates of $3,000 for partners and $1,000 for associates, according to new data from Valeo Partners.
- Am Law 25 to 30 firms will have standard rate increases of 10% to 13% in the new year, per the data.
- An increase in M&A activity, fierce competition for lateral partners and firm mergers are helping to push up rates, observers say.
Some Am Law 50 firms will increase billing rates substantially in 2025, with expectations that some senior partners will approach $3,000 an hour and more associates will bill over $1,000 an hour.
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Who Got The Work
Attorneys from Skadden, Arps, Slate, Meagher & Flom have stepped in to represent PDD Holdings, the operator of online marketplaces Pinduoduo and Temu, in a pending securities class action. The case, filed Sept. 30 in New York Eastern District Court by Labaton Keller Sucharow and VanOverbeke, Michaud & Timmony, contends that the defendants concealed information that rendered the growth of PDD unsustainable and posed substantial risks to PDD’s business, including merchant policies that made it unprofitable for vendors to do business on PDD platforms; malware issues on PDD applications; and PDD’s failure to implement effective compliance systems. The case, assigned to U.S. District Judge Pamela K. Chen, is 1:24-cv-06881, Macomb County Retiree Health Care Fund v. Pdd Holdings Inc. et al.
Who Got The Work
Robert A. Fumerton, Scott D. Musoff, Michael C. Griffin and Judith 'Judy' A. Flumenbaum of Skadden, Arps, Slate, Meagher & Flom have entered appearances for PDD Holdings f/k/a Pinduoduo in a pending securities class action. The suit, filed Oct. 1 in New York Eastern District Court by the Rosen Law Firm, contends that the defendants concealed the company's sale of goods likely produced by forced labor and its efforts to install malware on users' phones, exacerbating the risk of regulatory and public scrutiny. The case, assigned to U.S. Magistrate Judge Joseph A. Marutollo, is 1:24-cv-06950, Shaw v. Pdd Holdings Inc. et al.
Who Got The Work
Nicholas M. DePalma and Christian R. Schreiber of Venable have stepped in to represent CP Management Services, CRS RB4 Holdings and other defendants in a pending breach-of-contract lawsuit. The suit was filed Aug. 30 in Virginia Eastern District Court by Greenberg Traurig on behalf of Daito Kentaku USA. The case, assigned to U.S. District Judge Claude M. Hilton, is 1:24-cv-01538, Daito Kentaku USA, LLC v. Comstock Partners, LC.
Who Got The Work
Wyatt, Tarrant & Combs partner Andrew J. Pulliam has entered an appearance for Steve Jensen in a pending breach-of-contract lawsuit. The action, filed Aug. 30 in Tennessee Middle District Court by the Law Office of Perry A. Craft on behalf of Timothy Robins, accuses the defendant of writing a worthless check for over $94,000 for the sale of auctioned goods. The case, assigned to U.S. District Judge Eli J. Richardson, is 3:24-cv-01064, Robins v. Jensen et al.
Who Got The Work
Lane Powell shareholder Pilar C. French has entered an appearance for Penney OpCo LLC in a pending consumer class action. The complaint, filed Aug. 26 in Oregon District Court by Hattis & Lukacs, alleges that the company markets fictional discounts for certain products. The case, assigned to U.S. Magistrate Judge Mustafa T. Kasubhai, is 6:24-cv-01414, Gamble v. Penney OpCo LLC.
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