City law firms bill at £1,000 an hourHourly billing rates at some top City law firms have hit the eye-watering level of £1,000 an hour, a report published today claims amid calls for global law firms to make their fee structures more transparent.A cartel-like approach at the top of the Square Mile’s legal profession is blamed for the spiralling fees, with the report’s author maintaining that a shortage of competition has led to a “remarkable similarity in the rates charged by top corporate law firms”.
The report – published by the Centre for Policy Studies think tank – was researched by Jim Diamond, a legal costs expert and longstanding thorn in the side of corporate law firmsAccording to the research, average hourly rates for partners at the leading UK commercial law firms have rocketed by more than 40 per cent in the dozen years to 2015. It claims that the average band for partners in 2003 was £498 to £598 and that the figures last year were £775 to £850, with some of the most sought-after partners billing at £1,000 an hour.
