By Jim Calloway

Larger law firms consider rate increases annually, even though a rate increase may not be enacted every year. Solos and small law firms may not have increased their billing rate for some time, but they are likely aware of what other lawyers in their geographical and practice areas charge. For some consumer client work, I still believe the path to more profitability may be more automation and establishing flat fees for certain matters or projects.

For those firms considering a rate increase, consultant Erik Mazzone has authored Increasing Your Legal Fees: A Four-Step Approach on Attorney@Work. Erik is a long-term, well-regarded consultant to the legal profession. I’m not suggesting your firm needs to raise its rates. But Erik’s organized approach provides valuable guidance for a firm considering this adjustment.