Law firm revenues in the United States grew by 5.8 per cent in the first quarter of this year, according to a survey conducted by Citi Private Bank’s Law Firm Group, as compared to a 2.3 per cent growth in the first quarter of 2015. 

The report found the growth was mainly attributable to growing demand, up 1.8 percent for the quarter, higher billing rates, up 3.2 percent, and a 1.5 percent shorter collection cycle. The Citi report, based on a sample of 176 US law firms, states that such an increase has not been seen since the first quarter of 2008. 

Another recent survey has found that 59 percent of corporate counsel at large companies now pay at least one law firm $1,000 per hour as their top hourly rate paid compared to only 39 percent last year and that rates of $2,000 an hour are no longer total aberrations.