Nearly $1,000 an hour is rate for second-year associates at these BigLaw firms
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Billing rates for second-year associates at some BigLaw firms are nearing $1,000 an hour, according to a review of bankruptcy fee requests by 10 larger law firms examined by Law.com.
Paul, Weiss, Rifkind, Wharton & Garrison bills $995 an hour for a second-year associate, according to the Law.com article. The second highest rate billed for a second year was at Sullivan & Cromwell, which billed $960 an hour.
Law.com took a look at the fee requests after a Twitter user said a second-year associate at Kirkland & Ellis was billing $1,035 an hour in a bankruptcy. It turned out the lawyer was actually a fourth-year associate who was admitted elsewhere previously, according to the article.
Other BigLaw firms billed $1,000 an hour for associates, but they had between three and five years of experience. Besides Kirkland, they included Latham & Watkins and Weil, Gotshal & Manges. Past coverage indicated that Skadden, Arps, Slate, Meagher & Flom also charges more than $1,000 an hour for its senior associates.
Back in 2007, $1,000 an hour billing rates were also in the news—but they were for top partners at BigLaw firms.