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LEGAL 500 - IN CONJUNCTION WITH
LEGAL BUDGETS (WWW.LEGALBUDGETS.COM) HOURLY RATE SURVEY FOR 2003. |
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After a decade or so of
continued increase in hourly rates, the legal profession has seen probably
the biggest ever reduction of hourly rates in real terms. (Rates actually
paid) |
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The
top end of the market has seen the biggest drop with rates, again in real
terms coming down as much as 20%-25%. |
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This
is again only part of the storey with some fairly stiff costs controls being
introduced by the major corporate clients, in relation to controlling both
the number and work of "the team on the job" |
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add this to the introduction of
budget controls and costs capping the hourly rate has never been under such
pressure. |
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This year we wanted to do a
comparison of hourly rates for Barristers and solicitors across the country.
With Bar Direct coming ever closer, we were surprised that no chambers
outside London, bothered to either complete the questionnaire or contact us. |
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The
feedback from London chambers being that "No -Fat Cats live here"
as the average 5-10 year qualified barrister's hourly rate was coming in less
than trainee solicitor's chargeout rates at some magic circle firms. |
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Win- fees or success fees will
become more of the norm in 2004, with the new concept of an AOT FEE being
introduced. |
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In this a commercial client will
pay higher hourly rates or some type of percentage success fee, if a
case/transaction is settled/completed within specific time limits. |
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The
flip side to this is that the longer a case/transaction continues the fee or
hourly rate will decrease. This is the complete opposite of present CFA
success fee guidelines. |
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We
have included Channel islands hourly rates for the first time, we have seen
no drop in rates and in fact a 5- 10% increase. We find this difficult to
believe this growth can be sustained. |
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The figures used are averages
only. |
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London |
NQ |
5yr PQE |
Partner |
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Commercial Property |
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20-50 Partners |
125.00 |
200.00 |
250 |
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50-80 Partners |
155.00 |
225.00 |
325 |
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80+ Partners |
185.00 |
265.00 |
375 |
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Corporate Finance |
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20-50 Partners |
125.00 |
200.00 |
250 |
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50-80 Partners |
155.00 |
225.00 |
375 |
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80+ Partners |
185.00 |
285.00 |
425 |
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Litigation |
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20-50 Partners |
125.00 |
200.00 |
250 |
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50-80 Partners |
155.00 |
225.00 |
325 |
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80+ Partners |
185.00 |
265.00 |
400 |
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East Anglia |
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Commercial Property |
100.00 |
145.00 |
200 |
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Corporate/Finance |
120.00 |
160.00 |
225 |
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Litigation |
110.00 |
145.00 |
195 |
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East
Midlands |
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Commercial Property |
100.00 |
150.00 |
200 |
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Corporate/Finance |
125.00 |
160.00 |
225 |
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Litigation |
115.00 |
150.00 |
210 |
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The North |
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Commercial Property |
100.00 |
135.00 |
185 |
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Corporate/Finance |
125.00 |
160.00 |
200 |
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Litigation |
115.00 |
150.00 |
210 |
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North West |
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Commercial Property |
100.00 |
135.00 |
195 |
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Corporate/Finance |
125.00 |
155.00 |
210 |
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Litigation |
115.00 |
150.00 |
205 |
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South East |
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Commercial Property |
125.00 |
155.00 |
210 |
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Corporate/Finance |
125.00 |
160.00 |
250 |
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Litigation |
115.00 |
150.00 |
210 |
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South West |
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Commercial Property |
125.00 |
165.00 |
225 |
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Corporate/Finance |
130.00 |
170.00 |
265 |
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Litigation |
125.00 |
160.00 |
225 |
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West Midlands |
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Commercial Property |
135.00 |
185.00 |
235 |
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Corporate/Finance |
140.00 |
195.00 |
250 |
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Litigation |
140.00 |
185.00 |
250 |
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Yorkshire & The Humber |
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Commercial Property |
135.00 |
185.00 |
240 |
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Corporate/Finance |
140.00 |
195.00 |
250 |
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Litigation |
140.00 |
185.00 |
250 |
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Wales |
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Commercial Property |
95.00 |
125.00 |
150 |
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Corporate/Finance |
95.00 |
130.00 |
175 |
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Litigation |
95.00 |
140.00 |
175 |
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Scotland |
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Commercial Property |
110.00 |
155.00 |
185 |
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Corporate/Finance |
125.00 |
160.00 |
225 |
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Litigation |
115.00 |
155.00 |
210 |
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Channel Islands |
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Property |
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Fees
based on 1% of the value of the transaction sale or purchase |
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Corporate/Finance |
160.00 |
235.00 |
350 |
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Litigation |
160.00 |
225.00 |
300 |
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London Barristers |
NQ |
5yrs PQE |
10 year PQE |
QC-Less than |
QC post 5 yrs |
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We have used a wider average as
figures collated were so varied |
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5 year call |
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Commercial |
50.-85. |
135-185 |
160-275. |
250-325. |
300-plus |
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Crime-matrimonial |
50-75.00 |
80-140 |
145-195 |
225-300 |
250-375. |
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