The Wall Street Journal reports that biglaw firms in New York are breaking through the barrier of $1,000 an hour for their billables. David Boies, formerly of Cravath, is quoted as saying: "Frankly, it's a little hard to think about anyone who doesn't save lives being worth this much money." And an unnamed partner at an unnamed New York firm said: "We have viewed $1,000 an hour as a possible vomit point for clients." Some attorneys are so shy about charging this that they move their fees to either $950 or $1,050 an hour.
To English ears, and those in Hong Kong, this must sound terribly quaint--"Only a $1,000 an hour! An absolute steal, old boy." In sterling that's £500 per hour. It isn't unusual to find partners in the City charging at least that and usually more.
Some reckon one can make a $$/££ equivalence. What figure you pay in dollars in New York, you will pay in pounds in London. And certainly if you look at the top earning barristers in London--Sumption, Pollock, et al--you are seeing the £1,000 an hour billable breached regularly.
Of course, if this is all too much, hop on a plane to Poland. You may not have to pay more than 70 euros an hour if the Kaczynski twins have their way!
To English ears, and those in Hong Kong, this must sound terribly quaint--"Only a $1,000 an hour! An absolute steal, old boy." In sterling that's £500 per hour. It isn't unusual to find partners in the City charging at least that and usually more.
Some reckon one can make a $$/££ equivalence. What figure you pay in dollars in New York, you will pay in pounds in London. And certainly if you look at the top earning barristers in London--Sumption, Pollock, et al--you are seeing the £1,000 an hour billable breached regularly.
Of course, if this is all too much, hop on a plane to Poland. You may not have to pay more than 70 euros an hour if the Kaczynski twins have their way!
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