According to the U.S. Bureau of Labor Statistics, prices for legal services were 15.65% higher in 2020 versus 2014 (a $1,564.75 difference in value).
Between 2014 and 2020: Legal services experienced an average inflation rate of 2.45% per year. This rate of change indicates significant inflation. In other words, legal services costing $10,000 in the year 2014 would cost $11,564.75 in 2020 for an equivalent purchase. Compared to the overall inflation rate of 1.41% 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 2014-2020 time period. Compared to inflation for all items in 2014 (1.62%), inflation for legal services was higher.
Raw Consumer Price Index data from U.S. Bureau of Labor Statistics for Legal services:
Below are calculations of equivalent buying power for Legal services, over time, for $10000 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|