Very few in-house lawyers are willing to talk on-the-record about rates, and even fewer law firms are.
The figures reveal what law firms don’t want the world to know. Whether you are paying by the hour or using fixed fees, private practice lawyers are now so desperate for work they are offering unprecedented discounts.
In one instance, revealed to The Lawyer by an anonymous tipster in a poorly lit car park, a magic circle firm quoted £1m for a job, only to be undercut by a silver circle firm offering to do the same work for a staggering 60 per cent less.
What’s unique about this survey is that it goes behind the published rates and looks at what clients are actually paying. It’s little wonder that some law firms don’t want this information to see the light of day.
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