Biglaw associates are being billed out at over $1,000 an hour at some law firms. If you thought that $1,000 per hour lawyers were just in the partnership ranks, you should promptly disabuse yourself of such foolish notions. What’s more, is that even more junior law firm associates are billing at well over $500 per hour. Will Covid-induced company cost-cutting lead to law departments negotiating more favorable rates from their outside counsel? Or will law departments look to save by hiring experienced in-house counsel for what would otherwise cost them weeks of Biglaw attorney time? Especially in a time when many companies are cutting staff in waves, there are plenty of attorneys with in-house counsel experience who already know how to work inside a business.As we said earlier, $1,000 here, $1,000 there and pretty soon you are talking about real money. Will the global pandemic result in a re-evaluation of how companies obtain legal services? Time will tell.
“At least three large law firms are charging more than $1,000 per hour for bankruptcy work by senior associates, court filings indicate. The firms are Weil, Gotshal & Manges; Kirkland & Ellis; and Skadden, Arps, Slate, Meagher & Flom, the American Lawyer reports in a story noted by Above the Law.”
Read: At least 3 BigLaw firms charge more than $1K per hour for top associates at ABA Journal – Top Stories