According to the U.S. Bureau of Labor Statistics, prices for legal services are 3.98% higher in 2022 versus 2021 (a $397.93 difference in value).
Between 2021 and 2022: Legal services experienced an average inflation rate of 3.98% per year. This rate of change indicates significant inflation. In other words, legal services costing $10,000 in the year 2021 would cost $10,397.93 in 2022 for an equivalent purchase. Compared to the overall inflation rate of 5.31% during this same period, inflation for legal services was lower.
In the year 2021: Pricing changed by 1.53%, which is below the average yearly change for legal services during the 2021-2022 time period. Compared to inflation for all items in 2021 (4.70%), inflation for legal services was much lower.
Below are calculations of equivalent buying power for Legal services, over time, for $10,000 beginning in 2021. 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: