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Best Way to Maximize Your Law Firm’s Profits

Analysis of a new report on $19.6 billion of approved legal department invoices reveals that to maximize firm profits, partners should focus on developing and retaining senior associates and providing clients with services in multiple practice areas. The reasons: First, the average year-over-year hourly rate increase in 2015 for associates was 7.3 percent — more than double the 3.6 percent rate increase for partners. Second, firms that provide clients legal services in multiple practice areas charge higher than average rates for most, if not all, of their services.

March 30, 2017 0 0 0