The going rate
As the economy continued its downward spiral this past year, lawyers were quick to tell clients they feel their pain. Over the next few months, as rates for 2009 are set, they will have an opportunity to show clients exactly how much.Early signs suggest, however, that firms have a low pain tolerance. "Contrary to what one might think, it has become very evident that law firms are raising their rates and feeling more convinced about it," says Peter Haugh, managing executive of the legal group at Wachovia Corporation.
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