[vqc]

I get the feeling Big Law firms are reaching the point where they can no longer rely on increasing hourly rates as a primary source of growth. And I think for the first time in the the history of Big Law, the incentives are such that efficiency might finally be valuable. It might be the only way these law firms can continue to grow revenue. Rates can only go so much higher and there aren't that many more hours in the day.

[rayiner]

Revenue per lawyer among the 100 largest law firms is flat in current dollars over the last decade. Rates have gone up a lot, but realization has gone from over 90% to around 80%. There is a lot of pressure to write off time in excess of budget targets, which creates an incentive for achieving efficiencies.