Rates Increased by 10% for Top US Firms in 2024, Brightflag Report Reveals
Annual report includes rate benchmark data and recommendations to help legal departments create a data-driven resourcing strategy.
New York, NY, October 8, 2024 – Brightflag, the AI-powered e-billing and matter management platform for corporate legal departments, today released its annual report on the rates of Am Law 100® firms. Compiled using Brightflag’s database of billions of dollars of analyzed outside counsel spend, the report examines rate increases among the top 100 US firms and the key drivers of high rates.
With 2025 fast approaching and legal budgets remaining tight, in-house legal teams can benefit from rate benchmarking data to help inform their negotiations with law firms and optimize their resourcing strategy for the year ahead.
“In-house teams can gain greater control over rate negotiations, and therefore legal costs, if they have the right data in hand,” said Micheal Dineen, VP of Data Science at Brightflag. “At Brightflag, we’re committed to sharing rate benchmarking data with our customers and the wider in-house community to help them drive the best outcomes at the best price.”
This year’s report also features recommendations to help in-house teams negotiate better rates, as well as a breakdown of the cost-saving potential that flex resources and ALSPs can provide, presented courtesy of Priori.
“While in-house teams are achieving significant cost savings by leveraging flexible legal talent, at Priori, it’s not just about cost savings – it’s about helping legal teams strategically optimize their resources to achieve the best outcomes possible for their business,” said Matt Wheatley, VP of Client Strategy at Priori.
Key insights provided by this year’s report include:
- The rates of top firms increased by 10% in 2024, more than double the increase in 2023. Rate increases were highest among the top 50 law firms, at 12.1%. Firms in the bottom 50 also made significant gains, increasing rates by 3.1%.
- Partner rates within the top 50 firms are 65% higher than those in the bottom 50 firms.
- The rates of the top 100 firms are highly variable by practice area, with partners in the top 25 firms charging an average of $1,680 per hour for M&A work.
The report can be downloaded here.
About Brightflag
Brightflag’s e-billing and matter management platform is the most effective solution for providing visibility into legal spend and controlling costs. The intuitive AI-powered platform makes corporate legal teams more productive by taking on time-consuming, manual, tasks related to invoicing, reporting, and matter management. The company serves a global community of legal professionals from offices in New York, Ireland, and Australia.
About Priori Legal (‘Priori’)
Priori revolutionizes how in-house legal teams connect with legal services providers. Priori is a Chambers Global Flexible Legal Staffing company, one of the fastest-growing private companies according to Inc. and a Financial Times Intelligent Business. Priori’s technology powers products that bring efficiency and radical transparency to the traditionally opaque and slow-moving process of hiring law firms and other legal providers. Priori Marketplace is a global platform that matches in-house legal teams with new talent from a vetted, global network of attorneys and other legal professionals at firms of all sizes. Scout surfaces insights about trusted outside counsel relationships to drive informed hiring decisions and D&I initiatives. For more information, visit www.priorilegal.com.