Partner rates increased an average of 8.6% while mid-level and senior associate rates went up over 11% from 2007-2009, according to a Wall Street Journal blog article on a new survey by CT TyMetrix and the Corporate Executive Board.
These numbers are somewhat in conflict with the recent ALM Law Firm Economics Survey covered in this column last week, which reported that hourly rates dropped from 2007 to 2008 before regaining some ground in 2009.
As any legal marketing expert knows, it is always wise to steer the conversation away from how much something costs to the value delivered to the client. The return to the client - in terms of litigation avoidance, competitive product advantages, or financially favorable contract terms - deserves much more attention in this equation.
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