According to the U.S. Bureau of Labor Statistics, prices for legal services are 22.85% higher in 2022 versus 2014 (a $2,284.91 difference in value).
Between 2014 and 2022: Legal services experienced an average inflation rate of 2.61% per year. This rate of change indicates significant inflation. In other words, legal services costing $10,000 in the year 2014 would cost $12,284.91 in 2022 for an equivalent purchase. Compared to the overall inflation rate of 2.42% during this same period, inflation for legal services was higher.
In the year 2014: Pricing changed by 2.14%, which is below the average yearly change for legal services during the 2014-2022 time period. Compared to inflation for all items in 2014 (1.62%), inflation for legal services was higher.
Below are calculations of equivalent buying power for Legal services, over time, for $10,000 beginning in 2014. Each of the amounts below is equivalent in terms of what it could buy at the time:
|Year||USD Value||Inflation Rate|
Raw Consumer Price Index data from U.S. Bureau of Labor Statistics for Legal services: