Partners see no quick end to pricing pressure
The vast majority of senior lawyers are expecting clients to maintain pressure on law firms to cut their rates over the next 12 months, according to Legal Week's latest Big Question survey. Ninety-six percent of respondents to the survey believe clients will continue to push for discounts amid uncertain market conditions. Of this majority, 37% stated that pressure would increase 'substantially', while almost half (46%) stated that it would increase to a 'considerable extent'. Only a small minority of 4% responded that rates were becoming less of an issue.
Partners expect no quick end to downward pressure on fees but many firms are raising rates; most believe that clients just use alternative billing to cut costs. Friederike Heine reports
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