2020 Canadian Law Firm Hourly Rate Report - COVID-19 and Subsequent Recession Will Cause Hourly Rates to Drop

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Jun 02, 2020, 10:45 ET

DUBLIN, June 2, 2020 /PRNewswire/ -- The "2020 Canadian Law Firm Hourly Rate Report" report has been added to ResearchAndMarkets.com's offering.

The 2020 Canadian Law Firm Hourly Rate Report is the most comprehensive and detailed competitive intelligence and legal pricing tool available - the report details average hourly rates by individual law firms as opposed to aggregate groupings of law firms with disparate pricing structures as is found in surveys, peer services and e-billing reports.

We changed the sections in the report to provide more detail on 1) law firms based in Canada and 2) those based outside of Canada but operating there. We also bifurcated large law firms from middle-market firms so that you could see the differences in pricing as opposed to having big and small firms' rates averaged together which is not that helpful.

The report analyzes and presents hourly rates for 2017-2020 by:

Section 1: Rates for Large Canadian Law Firms Consolidated (All Firms Together)

Overall Rates for Large Canadian Law Firms Consolidated
Overall and Practice Area Rates for Individual Large Canadian Law Firms

Section 2: Rates for Large US Law Firms Consolidated (All Firms Together)

Overall Rates for Large US Law Firms Consolidated
Overall and Practice Area Rates for Individual Large US Law Firms

Section 3: Rates for Middle-Market Canadian Law Firms Consolidated (All Firms Together)

Overall Rates for Middle-Market Canadian Law Firms Consolidated
Overall and Practice Area Rates for Individual Middle-Market Canadian Law Firms
Rates for Individual Middle-Market US Law Firms

The Canadian economy officially entered a recession in Q1 2020 and it is expected it will contract by as much as 5% in 2020. This was due to, obviously, the COVID-19 crisis, the slump in oil prices and diminished trade with China, one of Canada's largest trading partners. As the economy goes, so go law firms servicing the economy. Due to multi-year agreements in place, we expect law firms to attempt to hold close to their standard rates but we believe pressures will be too great to retain clients and that law firms will eventually offer significant discounts.

Companies Mentioned

Aird & Berlis LLP
Akin Gump Strauss Hauer & Feld LLP
Baker McKenzie
Bennett Jones LLP
Blake, Cassels & Graydon LLP
Borden Ladner Gervais LLP
Cassels Brock & Blackwell LLP
Chaitons LLP
Davies Ward Phillips & Vineberg, LLP
Dentons
DLA Piper
EY Law LLP
Fasken
Goldman Sloan Nash & Haber LLP
Goodmans, LLP
Gowling WLG
Lawson Lundell LLP
McCarthy Tetrault LLP
McInnes Cooper
McMillan LLP
Miller Canfield, P.L.C.
Miller Thomson LLP
Minden Gross LLP
MLT Aikins LLP
Morency Societe d'Avocats, S.E.N.C.R.L.
Morrison & Foerster LLP
Norton Rose Fulbright LLP
Osler, Hoskin & Harcourt LLP
Paul, Weiss, Rifkind, Wharton & Garrison LLP
Skadden, Arps, Slate, Meagher & Flom LLP
Stewart McKelvey
Stikeman Elliott LLP
Thornton Grout Finnigan LLP
Torys, LLP
Weil, Gotshal & Manges LLP
Wickwire Holm

For more information about this report visit https://www.researchandmarkets.com/r/3n9sqq

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SOURCE Research and Markets