Partner rates skyrocket at top firms despite economic gloom

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  • This all depends on the practice area. In finance rates have been on a steady downward spiral since 2008. At the back end of the boom the magic circle could get away with charging £750. Now you’ll be lucky to get £550.

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  • It looks to me like the City firms have learnt nothing from the recession. If they think things have gone back to normal they're staring oblivion in the face.

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  • Surely firms are going to charge whatever they can get away with? If GCs are stupid enough to pay it then that's they're problem. If they're not they'll go somewhere else - there's enough competition out there ...

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  • I'd like to hear all from all those in-house lawyeers who talked about getting the whip hand when the recession struck. Oh, is there a big silence?

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  • I think this just goes to show how resilient big law firms really are

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  • At least you know the rate up-front.

    How about doubling the rate between order and assessment and lying about the increase?

    http://www.lcs-test.co.uk/courts.htm

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  • Or how much the market is stitched up, an oligopoly along the lines of the Premier League.

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  • If you've got rid of as many staff as the magic circle over the last two years and you want to keep up profits then you have to charge these amounts.

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  • The arguments about a shift in power from law firms to in-house were never based on partner or even senior-associate rates. Their work is safe and in-house counsel don't seem to mind paying for real added value. It's the junior associates' rates and the leverage that are both under pressure. And it is that bottom third of the law firm pyramid that helped create the boom-time profits. If junior associate rates are increasing as well, then yeah, nothing has changed after all. More fool the in-house counsel.

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  • an oligopoly? last I heard, there was nothing to stop a client instructing any other law firm they want.
    Truth is, just as no one was ever sacked for buying IBM, big firms are reassuringly expensive and no one wants to risk a disaster for the sake of saving a few grand and instructing an unknown brand.

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