Top firms charge market rates: why the surprise?
City of London Law Society chair Alasdair Douglas argues competition in the London legal market makes fees of £1,000 an hour reasonable for top clients
The recent report by the Centre for Policy Studies argued that hourly rates charged by top London law firms are so high they risk restricting access to justice. The report also indicated that there is a shortage of competition between the top firms. While the figures used in the report appear to be accurate, the understanding of the work done by top firms, and the kind of clients they serve, was sadly lacking.
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