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CounselLink Findings May Spell Trouble for Mid-Size Firms

TechLaw Crossroads: “Earlier this month, the 2019 LexisNexis CounselLink Enterprise Legal Management Trend Report was released. This is the 7th year the Report, which looks at data from invoices of over $33 billion in legal spending processed through the CounselLink platform, was compiled and issued…Kris Satkunas, Director of Strategic Consulting and author of the Report about the finding…noted that when it comes to median hourly rates,  larger firms are gaining, and smaller firms are losing. Firms with over 750 lawyers average over 50% higher rates than smaller firms in 2018; the year before, this gap was 45%. Combined with this was a shift of more higher rate work from smaller firms to the 750+ person law firms. The result, according to Satkunas, is that the median and overall rates of smaller firms are dropping because they are losing this higher paying work—not because the larger firms are raising their rates disproportionately…”

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