Studies indicate that the largest law firms have not witnessed a decline in their market presence despite the implementation of record hourly rates. Indeed, data from
LexisNexis CounselLink‘s recent rates report signifies that the divergence in 2023 between median partner billing at companies possessing more than 750 lawyers and the next size range has escalated to an unprecedented 61% over the 11 years of record-keeping.
What’s more, law firms within this size bracket have seen an increase in their share of legal spend, growing from 47.9% in 2022 to 48.2% in 2023, according to the statistics mentioned in CounselLink’s 2024 Trends Report. This growth pattern suggests a resonating sense of trust within corporate legal departments; as inferred by Kris Satkunas, director of strategic consulting at CounselLink, the potential risks involved in shifting from a trusted outside counsel continue to be seen as too high by these risk-averse business sectors.