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Lawyers charge £900 per hour
Sri Carmichael, Consumer Affairs Reporter27 Jan 2009
LONDON insolvency lawyers have ramped their fees up to £900 per hour as the economic crisis deepens, it emerged today.
Partners at "magic circle" firms have upped rates by up to £300 in the past 18 months, online legal advice service Virtual Law said.
A senior lawyer working on a high-profile administration such as Woolworths could command £6,300 a day.
In 2007 Allen & Overy, Clifford Chance, Freshfields Bruckhaus Deringer, Linklaters and Slaughter and May charged £600 to £750 per hour, and in 2003, £375 to £450.
But other legal areas, such as conveyancing, have been hit hard by the recession.
Reader views (1)
Rates charged for liquidation work have always been too high, whether for accountants or lawyers. The average unsecured creditor receives around 3%/4% of money owed. If the professional rip-off fees had a sensible ceiling, creditors would be better off. Should be properly regulated, as usual there are too many over-fed and over-paid people on the gravy train.
- Robin, Brentford, UK, 27/01/2009 16:37
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