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.
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.