According to the U.S. Bureau of Labor Statistics, prices for legal services were 9.73% higher in 2020 versus 2016 (a $972.97 difference in value).
Between 2016 and 2020: Legal services experienced an average inflation rate of 2.35% per year. This rate of change indicates significant inflation. In other words, legal services costing $10,000 in the year 2016 would cost $10,972.97 in 2020 for an equivalent purchase. Compared to the overall inflation rate of 1.82% during this same period, inflation for legal services was higher.
In the year 2016: Pricing changed by 3.38%, which is above the average yearly change for legal services during the 2016-2020 time period. Compared to inflation for all items in 2016 (1.26%), 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 2016. Each of the amounts below is equivalent in terms of what it could buy at the time:
|Year||USD Value||Inflation Rate|