But the top firms are steadfastly holding onto to that hourly rate despite demands for change from in-house lawyers. Today, new research shows partner rates at magic circle firms have spiralled 62 per cent since 2005 with work-hungry top guns charging up to £850 per hour. Despite being hit by the worst economic crisis in decades, this marks a new high for the legal market.
Are firms pushing up rates so they can offer discount deals? Kingsmead Square director Chris Bull certainly thinks so. Like a price-pumped bottle of plonk before it goes on sale, Bull reckons firms are just beefing up their rates to make up for that shortfall once a discount is agreed.
Yes, supermarket law really has arrived.
Also on TheLawyer.com:
- Clifford Chance partners Carlos Conceicao and Kelwin Nichollshave been hired by RBS to investigate claims the bank forced small companies into closure to turn a profit
- The judicial review into the final resting place of Richard III is being heard before three High Court judges today
- David Bickerton has been re-elected as Clifford Chance London managing partner after running unopposed