A report in the February 23, 2011, on-line edition of the ABA Journal recounts the upward number of lawyers who are now billing at over $1,000 per hour. http://www.abajournal.com/weekly/article/more_top_lawyers_break_through_1000_hourly_billing_barrier?utm_source=maestro&utm_medium=email&utm_campaign=weekly_email
Interestingly (but not surprising), all of the lawyers named in the report do corporate law work. Topping the list is a “corporate lawyer” who bills at $1,250 an hour. This reminds me that when I first started practicing 37 years ago, I was billed at $25 an hour. (Many people did say I was overpaid at that rate!) I was lucky if I made $1,250 a month.
In doing legal bill review work for insurance companies, I do not see too many legal bills from large law firms that do “corporate” legal work. However, I do get to see some from time to time when I do work for corporations or high net worth individuals who have hired a large law firm. What I do see in legal bills from large law firms often “boggles the mind and staggers the imagination” as an old boss of mine used to say. Continue reading