Companies increased the percentage of their legal budgets allocated to class actions to 14.4%, up from 13% two years ago. For the first time, spending on class actions increased to more than $3.5 billion, according to the 2023 Carlton Fields Class Action Survey. In 2023, class action spending is expected to be one of the fastest-growing areas of legal spending.

The increased spending has two major drivers: claims are getting larger, and more companies are facing class actions.