Raising rates is not inconsistent with having less business. I've seen it happen in more than one professional service enterprise.
The stated logic is that you have a core of steady clients not sensitive to price pressure. Increasing rates to them hopefully more than offsets any incidental business you may or may not lose.
Personally I think the above reason is generally not well founded, and that the real reason can often be that personal revenues are down and people find this the easiest way to maintain their standard of living for at least the short term. In Aleeva's case there way also be a "we're as good as the competition and need to show it" element.
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"I may be wealthy but that doesn't mean I like wasting money." - Carnagie