The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Your article "Barristers fight solicitors for share of a shrinking market" (The Lawyer, 21 June) suggests barristers can compete effectively on price by charging a "very low rate" of #50 per hour, and that their overheads are around 25 per cent of earnings. Let's do some calculations on this.
Suppose these barristers work for 30 hours a week and take six weeks' unpaid holiday a year. Their annual earnings would be #51,000. This calculation shows that even when charging #50 per hour, barristers can earn a comfortable living with conditions which compare favourably with those of other professionals.
The surprising thing is not that barristers can survive on #50 per hour - they could survive on much less - but that the Bar generally has got away with charging extortionately high hourly rates for so long.