LawFuel.com – American Law Newswire
NEW YORK (February 4, 2010) – ALM Legal Intelligence, a leading source of business intelligence for the legal profession, today released its 2010 report on billing rates and practices for attorneys in small and midsize firms. Despite the recession, even smaller law firms increased their rates in 2009, with reported national, high, low and average billing rates all slightly higher than comparable 2008 rates. The average hourly billing rate for these attorneys at a national level was $282. The report includes analyses of 2009 hourly billing rates and alternative billing practices based on factors including firm size, geography, practice area and years in practice. For more information, visit www.almlegalintelligence.com.
Data is drawn from The National Law Journal’s Survey of Law Firm Economics, a comprehensive annual review of the legal profession’s financial/economic performance that provides one of the most complete, accurate and up-to-date sets of industry economic data available anywhere.
The region with the highest average billing rate was the Northeast ($302), followed by the South ($282). Lawyers in large metro areas reported the highest average hourly billing rates nationally, led by Washington, D.C. ($372) and New York ($351). At a national level, the specialty practice areas with the highest average hourly billing rates were employment law ($301), real estate law ($294) and commercial/contract law ($289).
A total of 188 firms participated in the National Law Journal’s Survey of Law Firm Economics, 2009 Edition, providing usable standard hourly billing rate data for 11,674 lawyers, including 4,215 associates, 6,467 partners/shareholders (equity and non-equity), 320 staff lawyers and 672 Of Counsel. Additional information can be obtained by e-mailing [email protected] or calling 1-(888) 770-5647.
ALM Legal Intelligence offers detailed business information for and about the legal industry, focused on the top U.S. and international law firms. The division’s online research Web service, www.almlegalintelligence.com, provides subscribers with direct, on-demand access to ALI’s extensive database of surveys, rankings and lists related to law firms and the legal industry. The site also includes an online store where non-subscribers can, on an individual basis, purchase and download preformatted individual law firm reports, ALI research reports and selected current-year survey data. ALM Legal Intelligence is a division of ALM.
ALM, an integrated media company, is a leading provider of specialized business news and information, focused primarily on the legal and commercial real estate sectors. ALM’s market-leading brands include The American Lawyer, Corporate Counsel, GlobeSt.com, Insight Conferences, Law.com, Law Journal Press, LegalTech, The National Law Journal and Real Estate Forum. Headquartered in New York City, ALM was formed in 1997. For more information, visit www.alm.com.