What makes City law firms cost as much as they do? As the heated debate generated by FT GC Tim Bratton’s recent blog illustrates, it’s a familiar topic. The usual suspects put forward include partner profits, hourly billing, associate salaries, the media and plain old greed – and there’s something to all the aforementioned.
Still, much as they offend the Value Police, I’d argue that the influence of some of these villains is overstated, while some key factors go little noticed. So, for what it’s worth, I’m jotting down what I’d argue are the strongest factors propping up law firm rates.
