Overall legal rates are still rising, but the more useful story sits beneath the averages: which industries absorbed the pricing pressure, which firms gained leverage, and which categories of work drove costs higher.
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Paul, Weiss, Rifkind, Wharton & Garrison and Hogan Lovells have joined the growing roster of Big Law firms matching the year-end and special bonus scale set by Cravath, Swaine & Moore earlier this week.
Even as top law firms have reached new revenue and profitability peaks, between 10% and 30% of partners are making less money year to year, as firms focus on retaining top performers.
