Managing Partner Ronald Shechtman Speaks to New York Law Journal About Billing RatesNew York Law Journal
Ronald Shechtman, Pryor Cashman’s Managing Partner and Chair of its Labor and Employment Group, was quoted by the New York Law Journal in its April 19, 2012 article Mid-Sized Firms Show Caution in Boosting Billing Rates.
The article discusses the 2012 Real Rate Report which revealed the rise in attorney billing rates for New York City firms by an average of 12 percent, the second highest change in rates among lawyers in various U.S. cities. According to the report, the median billing rate for 2,020 partners in New York City last year was $756, with the top quarter of those partners’ rates more than $937.
Shechtman said that the nature of Pryor Cashman's practice and the competition among national firms and boutiques drives more modest growth in billing rates. “The efforts at cost containment are very intense,” and as a result the firm's billing rates have increased “a few” percentage points less than the overall 12 percent increase in New York City. “The mid-sized firms have been more effective in controlling their costs and maintaining a competitive edge, based on their cost structure and lack of leverage,” he said.
To read the New York Law Journal article in its entirety, please click here.