Rates are falling in the court reporting world due to the same economic factors affecting our country. There is a shortage of money due to tightening of the credit markets and a huge loss of jobs. Corporations and individuals have less money to spend on litigation. Less litigation obviously means less deposition work. There is necessarily more competition for the available work. More competition among firms to get the work and more competition among reporters to do the work. Plus there are lots of unemployed people looking for new careers and there will be a new flock of court reporters hitting the street in a couple of years.
So, guys, what to do. For me, we are trying to hold as firm as possible on our rates. The price-cutting that is going on is outrageous. There is a market for price-cutting and there is always a market for quality and good service. Those of us around for the longest of times have survived not on cutting throats and pricing but offering consistent high quality and excellent service. The reporters who will survive are those who also bring to the table these same old-fashion work ethics.