Today Lexis is releasing the 2022 CounselLink Enterprise Management Trends Report. When it was established in 2013 the report included six key metrics. In recognition of the increasingly global legal market, the study now includes a seventh metric which covers hourly billing rates for Partners in countries located outside the US. The insights in this year’s trends report are based on data derived from more than $49 billion in legal spending covering more than 350,000 time keepers in more than 1.2 million matters.
- 2021 was a block buster year for M&A legal fees. The median partner rate was $878 an hour… A 6.1% increase over the prior year median.
- Law firms continue to increase hourly rates and in-house legal departments are paying them. 2021 partner rates increased 3.4% over 2020.
- Alternative for your arrangements are increasing but not disrupting the market. Only 14.8% of matters had even a portion of their billing rate set at some thing other than hourly. Only 9.6%