Top City firms hike their partners' charge-out rates to 500 per hour

Partner charge-out rates at the top 10 City firms have breached the 500 per hour threshold for the first time.

Exclusive research conducted by The Lawyer found that the hourly rates charged by partners is between 500 and 550, while some magic circle corporate partners are understood to bill north of 600.

Firms including Allen & Overy, Freshfields Bruckhaus Deringer and Herbert Smith increased their hourly rates at the start of the financial year.

Charge-out rates for associates range from 200 per hour for newly-qualifieds up to 440 per hour for seniors.