Top City law firms charging upto £1,100/hr
Discussion
Top City law firms accused of restricting access to justice by charging up to £1,100 an hour
http://www.independent.co.uk/news/business/news/to...
Mmmmmmm..............??
http://www.independent.co.uk/news/business/news/to...
Mmmmmmm..............??
On another basis though, I know a chap who is a legal advocate in industrial relations (basically employment law these days) - and is senior in the firm and charged out at £240 per hour.
That is a headline grabbing figure, and the majority of what the gratuitous fees will be needed for are the horrendously complicated corporate stuff
That is a headline grabbing figure, and the majority of what the gratuitous fees will be needed for are the horrendously complicated corporate stuff
ColinM50 said:
And their clients have the right to pay or go elsewhere. No-ones forcing them to pay. I think it's called capitalism or democracy
Of course. Until you NEED a lawyer/barrister, then you are f
ked.Quote from the Independent
"Commercial litigators would agree that the complexity of the law justifies their high fees and say that fundamentally the market determines what they can charge: if clients weren’t willing to foot the bill, they wouldn’t enter litigation. Well, up to a point. London prides itself on being the global capital for arranging complex commercial deals and resolving intricate legal disputes. That means there is plenty of custom for the capital’s top lawyers from the world’s super-rich. Yet those clients don’t justify the market rate; they distort it. For smaller businesses or less-wealthy individuals, the cost of entering a legal process is at best off-putting, at worst prohibitive. The upshot of this is unequal access to justice: or, to be rather more blunt, the subversion of justice simply to a battle of bank balances. That cannot be right."
robinessex said:
Of course. Until you NEED a lawyer/barrister, then you are fked.
Quote from the Independent
"Commercial litigators would agree that the complexity of the law justifies their high fees and say that fundamentally the market determines what they can charge: if clients weren’t willing to foot the bill, they wouldn’t enter litigation. Well, up to a point. London prides itself on being the global capital for arranging complex commercial deals and resolving intricate legal disputes. That means there is plenty of custom for the capital’s top lawyers from the world’s super-rich. Yet those clients don’t justify the market rate; they distort it. For smaller businesses or less-wealthy individuals, the cost of entering a legal process is at best off-putting, at worst prohibitive. The upshot of this is unequal access to justice: or, to be rather more blunt, the subversion of justice simply to a battle of bank balances. That cannot be right."
Drivel. ked.Quote from the Independent
"Commercial litigators would agree that the complexity of the law justifies their high fees and say that fundamentally the market determines what they can charge: if clients weren’t willing to foot the bill, they wouldn’t enter litigation. Well, up to a point. London prides itself on being the global capital for arranging complex commercial deals and resolving intricate legal disputes. That means there is plenty of custom for the capital’s top lawyers from the world’s super-rich. Yet those clients don’t justify the market rate; they distort it. For smaller businesses or less-wealthy individuals, the cost of entering a legal process is at best off-putting, at worst prohibitive. The upshot of this is unequal access to justice: or, to be rather more blunt, the subversion of justice simply to a battle of bank balances. That cannot be right."
The smaller businesses are not forced to go to the most expensive lawyers in town. It really is that simple. The journo is deliberating eliding access to "justice" with access to specific lawyers.
Besides which any good commercial litigator will tell you that the absolute last thing you ever want to do is become engaged in litigation.
The partners in the firm I work for charge £650 per hour and don't seem to struggle for business.
That said they specialise in shipping law which seems to be fairly niche.
Thing is out of that £650 per hour they are also paying for a number of support staff. So you'll have PAs, trainee solicitors, IT staff, HR, Post Rooms etc etc. All the usual stuff you need in an office but in the City everyone expects a higher salary so of that amount, they won't be pocketing £650 an hour.
They're hardly going short by any means and probably see about a third of that amount. That said when you consider that a client might spend a couple of million recovering £100m they don't usually flinch at the hourly rates!
That said they specialise in shipping law which seems to be fairly niche.
Thing is out of that £650 per hour they are also paying for a number of support staff. So you'll have PAs, trainee solicitors, IT staff, HR, Post Rooms etc etc. All the usual stuff you need in an office but in the City everyone expects a higher salary so of that amount, they won't be pocketing £650 an hour.
They're hardly going short by any means and probably see about a third of that amount. That said when you consider that a client might spend a couple of million recovering £100m they don't usually flinch at the hourly rates!
I have an old friend, whom I will deliberately be vague about, who works in Law and I understand his rates to be in this sort of region.
He is quite the cleverest and most hard working man I have ever met. His memory appeals to be total. He has the ability to consume huge amounts of detailed information, understand, remember, analysis and express both the facts and his view on the facts with respect to the law and moral codes.
I have asked myself why he still bothers to see an idiot like me - perhaps he likes the light relief.
His abilities are genuinely exceptional and a rare commodity. He has a lot of people queueing up to pay his rates.
Whilst there are clearly a whole load of moral issues, I struggle to see he should be charging less.
However its clearly wrong that despite my being his oldest (long-standing) friend and him being filthy rich, he still won't buy me a Aston or Ferrari.
He is quite the cleverest and most hard working man I have ever met. His memory appeals to be total. He has the ability to consume huge amounts of detailed information, understand, remember, analysis and express both the facts and his view on the facts with respect to the law and moral codes.
I have asked myself why he still bothers to see an idiot like me - perhaps he likes the light relief.
His abilities are genuinely exceptional and a rare commodity. He has a lot of people queueing up to pay his rates.
Whilst there are clearly a whole load of moral issues, I struggle to see he should be charging less.
However its clearly wrong that despite my being his oldest (long-standing) friend and him being filthy rich, he still won't buy me a Aston or Ferrari.
Edited by OverSteery on Friday 5th February 12:46
Alex_225 said:
The partners in the firm I work for charge £650 per hour and don't seem to struggle for business.
That said they specialise in shipping law which seems to be fairly niche.
They're hardly going short by any means and probably see about a third of that amount. That said when you consider that a client might spend a couple of million recovering £100m they don't usually flinch at the hourly rates!
London is a recognised centre of excellence in Maritime Law. It is indeed a specialised niche though: most people wouldn't know the names of any of the top 3 firms.That said they specialise in shipping law which seems to be fairly niche.
They're hardly going short by any means and probably see about a third of that amount. That said when you consider that a client might spend a couple of million recovering £100m they don't usually flinch at the hourly rates!
Red Devil said:
Alex_225 said:
The partners in the firm I work for charge £650 per hour and don't seem to struggle for business.
That said they specialise in shipping law which seems to be fairly niche.
They're hardly going short by any means and probably see about a third of that amount. That said when you consider that a client might spend a couple of million recovering £100m they don't usually flinch at the hourly rates!
London is a recognised centre of excellence in Maritime Law. It is indeed a specialised niche though: most people wouldn't know the names of any of the top 3 firms.That said they specialise in shipping law which seems to be fairly niche.
They're hardly going short by any means and probably see about a third of that amount. That said when you consider that a client might spend a couple of million recovering £100m they don't usually flinch at the hourly rates!
They should all be more careful which notaries they use, however, as there are savings to be made, and my rates are very competitive *cough*.
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