Magic circle hourly rates hit all-time high of £850

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  • Gotta keep feeding the beast....

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  • I don't think that Jim Diamond has had access to some of the rates that I have seen in the past, some of which are in excess of than the hourly figures he has mentioned.
    As for in house counsel, are they not just covering their backs by outsourcing to the biggest and well known firms?

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  • Why are buyers of legal services paying up to 15% more? People really can't work it out? It's called cover your ass - everybody does it. If you go to a cheaper firm, they screw up, you will get the blame for not choosing magic circle. If a magic circle firm you chose screws up, you just say it's not your fault because you've chosen the best. It's not your money you're spending, so why take the risk when you don't have to. Like it or not, that's why the big professional service firms continue to get plenty of work. They may be better, but are they really that much better? In the corporate world, it's often about making sure the finger is not pointed at you when something goes wrong.

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  • So what? If the mighty in-house counsel think that the service is worth less than £850, then let them go hire some cheaper lawyers... then they can see whether they think the discount was worth it. There's barely a lack of competition out there.

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  • Didn't Jim Diamond sing "I should have known better"?

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  • I have seen rate card rates well in excess of £850 as far back as 2008.

    Also, get it in perspective. Plenty of Big 4 accountancy partners in Leeds/Manchester/Birmingham (never mind London) have rate card rates of £1,000+ per hour.

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  • This just proves the level of delusion and arrogance that the legal profession has. Are you really saying that it is okay to charge £850 an hour?
    So a major corporate can hire a heavyweight team of lawyers paying over the odds, whereas SME businesses are locked out of the judicial system unable to afford legal representation. It's little wonder that banks like RBS stand accused of abusing their power because we have a two-tiered legal system that delivers justice for those that can afford it.
    And here we have lawyers who are proud of the fact that they are able to charge £850 an hour. Boasting that in fact these rates are quite low. Maybe the government can't step in but this is a moral outrage.

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  • Over the last 15 years, with its lazy focus on superficial matters, the legal press has instilled in the profession and its clients a linkage between quality, profit and success that has done it a massive disservice. If we could just lose the idea that you have to be in a "top" city firm and make huge profits to be "good" and "sucessful" then some of us would happily join firms that didn't charge so much without being regarded as second rate or losing work within their area to less good but more expensive competition.

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  • Everyone know that MC lawyers are worth the money. It is those clients who pay slighly less for second tier firms, which are nowhere near MC quality, that are the ones getting screwed. You get what you pay for. Peanuts/monkeys, etc.

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  • "peanuts/monkeys, etc" [and jelly beans in the board room]

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