Credit: Hurca!/Adobe StockBig Firms May See 'Uncomfortable Flashbacks' as Cost Pressure Grows
"There continues to be quite a bit of expense pressure,” contributing to big firms pressing forward with billing rate increases, noted Wells Fargo's Les Starck.
November 27, 2024 at 06:00 AM
4 minute read
What You Need to Know
- Rising costs, lingering uncertainties and firms' 2024 windfall may cause them to prepay more expenses for next year.
- Elevated expenses may be "the minor cost of doing business" in a competitive landscape, but they've inched up enough to give firms "uncomfortable flashbacks" to 2022 and 2023, when inflation took off.
Law firms may be having one of their best financial years since 2021, but they are still seeing more expense pressure this year. That may motivate some to prepay more expenses for next year and raise rates further in 2025.
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