A recent survey by Citi Private Bank of large U.S. law firm managing partners has shown that while they see definite storm clouds on the horizon, sixty percent still believe that their law firms will achieve balanced growth in 2008 of between 5% and 10%. How will this growth be achieved in these large U.S. firms? By increasing the amount of hours worked by its lawyers and by increasing rates for legal fees.
As you know, I started my firm in 2006. Did I mention that 2008 will be the third straight year at my fee rates?