It’s clear 2021 is going to be another profitable year for law firms. What’s unclear is just how much rate increases are shaping it; whether clients are at a breaking point or demand will remain high enough for firms to keep increasing costs at similar levels.

Some analysts suggested rate pressure would be a concern this year, and there is evidence that corporations are pushing back on their bills, and such gains are beginning to slow down. Others say a full pipeline, along with new clients and new work means rate hikes can continue unabated for the foreseeable future.