Will Billing Rate Freezes Become a Trend?
December 5, 2008
Levenfeld Pearlstein, a Chicago law firm with 75 lawyers that targets middle-market clients, won't raise its billing rates for services next year after learning that 2009 corporate legal budgets will be under pressure.
"Though the cost of running a law firm has increased significantly in 2008, we will not raise our rates in spite of this pressure," Levenfeld Pearlstein Chairman Bryan Schwartz said in a Dec. 2 letter to clients.
Levenfeld Pearlstein, which focuses on corporate, litigation and real estate services, is putting the rate freeze in place after finding out from clients in interviews earlier this year that they were having difficulty adjusting their budgets to the tough economic times, Schwartz said.
Full article can be found here.
The National Law Journal, Copyright 2008 by American Lawyer Media, ALM, LLC – Lynne Marek