Wolters Kluwer's Real Rate Report shows legal rates continue to grow

Rhea-AI Summary

Wolters Kluwer ELM Solutions' 2023 Real Rate Report reveals a steady increase in partner, associate, and paralegal rates, with the mean rate for partners growing from $768 in 2022 to $784 in 2023. The report provides benchmarks of law firm rates and insights into factors shaping legal invoices, leveraging over $160 billion in legal invoice data from ELM Solutions' LegalVIEW database. Alongside the report, the LegalVIEW database powers the award-winning LegalVIEW BillAnalyzer service, offering clients cost savings and improved compliance.

Positive

• Steady increase in partner, associate, and paralegal rates
• Mean rate for partners grew from $768 in 2022 to $784 in 2023
• Insights into factors shaping legal invoices
• Over $160 billion in legal invoice data from ELM Solutions' LegalVIEW database
• Award-winning LegalVIEW BillAnalyzer service for cost savings and compliance

Negative

• None.

Authentic legal invoice data provides law firm rate benchmarks for more informed outsourcing decisions

HOUSTON, Jan. 26, 2024 /PRNewswire/ -- A new report from Wolters Kluwer ELM Solutions indicates that partner, associate and paralegal rates have continued their steady upward climb. The 2023 Real Rate Report utilizes the more than $160 billion in legal invoice data contained within ELM Solutions' LegalVIEW database to provide benchmarks of law firm rates and help corporate legal departments identify how factors such as location, practice area and firm size are shaping their legal invoices.

The data, leveraged by the annual Real Rate Report series, is sourced directly from corporations' and law firms' e-billing and time management solutions. Lawyer and paralegal rate data is filtered by practice and sub-practice areas, metropolitan areas, and matter types. A high-level overview of the 2023 findings shows a continuation of a multi-year trend that sees average rates continue to rise across timekeeper roles. The mean rate for partners saw the most significant increase, growing from $768 in 2022 to $784 in 2023. Paralegals experienced the second-largest bump, with an average rate of $263 in 2023, up from $252 in 2022.

In addition to the 2023 Real Rate Report – which is now available for purchase – the LegalVIEW database also powers ELM Solutions' award-winning LegalVIEW BillAnalyzer service. Clients can now use BillAnalyzer's sophisticated AI algorithm and invoice review team to grow cost savings and improve compliance across both Wolters Kluwer's platforms and an expanded portfolio of spend management systems.

About Wolters Kluwer
Wolters Kluwer (EURONEXT: WKL) is a global leader in information, software, and services for professionals in healthcare, tax and accounting, financial and corporate compliance, legal and regulatory, and corporate performance and ESG. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services.

Wolters Kluwer reported 2022 annual revenues of €5.5 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 20,900 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.

For more information, visit www.wolterskluwer.com, follow us on LinkedIn, Facebook, and YouTube.

Media Contacts

Frank Ready
Senior Specialist, External Communications
Legal & Regulatory
Wolters Kluwer
Office: 717-205-3647
Email: Frank.Ready@wolterskluwer.com

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SOURCE ELM Solutions

FAQ

What is the main focus of Wolters Kluwer ELM Solutions' 2023 Real Rate Report?

The main focus of the report is to provide benchmarks of law firm rates and insights into factors shaping legal invoices.

What is the mean rate for partners in 2023 according to the report?

The mean rate for partners in 2023 was $784, showing a steady increase from $768 in 2022.

How does the LegalVIEW database contribute to the report?

The LegalVIEW database leverages over $160 billion in legal invoice data to provide insights and benchmarks for law firm rates.

What service is powered by the LegalVIEW database?

The LegalVIEW BillAnalyzer service is powered by the LegalVIEW database, offering clients cost savings and improved compliance.