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No. If you have a contract to do services at X rate for Y matter you must continue to perform at that rate. Put a provision in your contract permitting increases in rates upon notice. Then it is a okay to increase your rates on existing clients.
What state are you in? I’ll disagree with P1 and say “probably” but it depends on your agreement and jurisdiction. Going forward, consider a “set and forget” approach of a rate increase at X% every year. I represent law firms as outside General Counsel, DM if you’d like a free consult!
Of course it would depend on the contract language but in most US jurisdictions you can raise your rate provided it doesn’t prejudice the client and otherwise complies with Rule 1.5.