Big Law Firms near 50% of all legal spend LexisNexis CounselLink data shows firms with 750+ lawyers capturing a record 49.3% of corporate legal budgets, driven by premium practices with hourly rates surpassing $1,900. One notable exception: Regulatory & Compliance market share dipped in 2024.
The 2025 LexisNexis CounselLink Trends Report reveals that law firms with over 750 attorneys continued to consolidate their dominance, capturing 49.3% of total legal spending in 2024, up from 48.2% in 2022. Approximately 100 firms now command nearly half of corporate legal expenditures, with certain high-value practice areas—such as Mergers & Acquisitions, Finance, Corporate, and Regulatory & Compliance—driving their increased market share. Despite this upward trend, Large Law's share of Regulatory & Compliance spending notably fell from 60% to 56% in 2024, and Commercial & Contracts saw slight declines for two consecutive years.
Notably, billing rates have reached new heights, with associates in premium practice groups billing over $1,900 per hour, underscoring the strong pricing power held by the industry’s largest players.
Published April 26, 2025.
