Lawyer fees skyrocket; some charge up to $3,400 per hour
Legal fees for lawyers at some of the top law firms have hit as high as $3,400 per hour, according to the Wall Street Journal. (Image from Shutterstock)
Some senior partners now charge as much as $3,400 per hour at the country’s largest law firms, according to data from Persuit, a software company that in-house lawyers use to analyze their legal bills.
As reported by the Wall Street Journal, rates for partners among the 50 largest firms increased by 16% on average last year.
Just over a year ago, the going rate for a top lawyer was in the $2,500 per hour range, according to the story.
A decade ago, many raised eyebrows when elite partners increased rates to $1,500 per hour. Since then, rates have rapidly escalated for several reasons, including a more competitive market for talent, increased firm expenses, the high stakes of litigation and corporate dealmaking.
“The question is always: Are they worth it? You know, some of these guys are worth it,” Kerry McLean, Intuit’s general counsel, told the Wall Street Journal. “They understand the industry, they’re connected and have a lot of experience.”
At the extreme, the Wall Street Journal reports that one lawyer, Eric Troutman, a partner at a Southern California firm, has told clients that he is upping his rates to $6,000 for consulting on compliance issues in his specialty of telecom regulation. Last year, he charged $4,200 per hour.
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