A review of filings over the past three months in around two dozen bankruptcy cases shows senior partners routinely charging between $1,200 and $1,300 per hour, with top rates at several large law firms exceeding $1,400. Proskauer Rose’s hourly partner billing rate peaks at $1,475, Ropes & Gray’s at $1,450 and Kirkland & Ellis’ at $1,445. And rates at two firms—Akin Gump Strauss Hauer & Feld and Skadden, Arps, Slate, Meagher & Flom – top out at $1,425.

Stagnating demand

Rates at large corporate law firms have risen by three to four per cent a year since the economic downturn, according to Citi Private Bank’s Law Firm Group. But it seems that prices are getting steeper amid stagnating demand; according to Wells Fargo Private Bank’s Legal Specialty Group, demand for legal services from corporate law firms rose only 0.5 per cent last year, as clients keep more legal work in-house and law firms face competition from lower-cost legal-service providers. Source: The Wall Street Journal