18 January 2011

Why try to save money on legal fees?

Partner rates skyrocket at top firms despite economic gloom [1]

[1] The Lawyer 20 September 2010

"Magic circle partners are again charging as much as £725 per hour… five-year PQE associates now charge an average of £450-£550… US firms in London broke through the £600 barrier… some [City partners outside the magic circle] are now charging an all-time high of £640… national firms have… partners charging between £325 and £350 and five-year associates between £250 and £300." full article
Are those rates good value for money? Or is it worth saving money by finding the same levels of expertise at much lower rates?
Virtual law firms such as Excello Law can offer the experience of big firm partners at much lower rates – often half those of big firms with equivalent expertise. And law firms who bring in independent consultants like me only when needed can also be profitable at lower hourly rates.

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