Revealed: hourly rates rocket by 67 per cent

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  • Big firm rip-off

    There are occasions when the resources (and therefore the fees) of large firms are justified, such as on large M&A and banking transactions. Their model is unsustainable, though, when it comes to clients' every day needs, such as commercial agreements, IP, most dispute resolution, employment etc.
    Boutique firms are much better placed to service that market. Most of their lawyers are very experienced, and have previously spent years at large firms, so are no less skilled than the partners there.
    Boutique firms lack the overheads of mega-offices and armies of highly paid assistants, so can charge a fraction of their large firm counterparts. In fact, the partner rate at a boutique firm is usually around the magic circle NQ rate quoted in the article!
    And the experience of boutique firm lawyers often enables them to provide a faster, more commercial and more personal service than that provided by the large firms.
    Finally, how many clients pay their top 500 staff £1m a year like the magic circle firms do? Not many.

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  • disasterous

    Such high rates are defeating the object of a sound democratic society. Yes, willing to pay good money for sound advice but such rates are detering many from taking advice when necessary. They are putting doubt into the minds of the public as to the integrity of the legal field.

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  • Revealed: hourly rates rocket by 67 per cent

    Reminds me a bit of Tokyo and New York at the end of the eighties. They thought they were masters of the universe then as well. Hope they aren't buying high priced real estate.......

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