2009 Billing Plans Defy Market Conditions

Incisive Media's The American Lawyer reported yesterday that leaders of the nation's largest law firms are uncharacteristically uncertain about what 2009 holds for their organizations.

In its annual Law Firm Leaders Survey, an unprecedented 35 percent of managing partners predicted profits will decrease or stay flat next year. But, 98 percent of the 112 respondents at AmLaw 200 firm reported that they are still planning to raise billing rates in 2009 and 72 percent said that, despite layoffs, they expect a variety of factors to produce head count increases.

The Rainmaking Lady notes that it is interesting to contrast these results with the ACC Value Challenge covered in a previous post. Rather than blatantly raise hourly rates, perhaps this is a good time to further explore alternative billing approaches like success fees or retainers.

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