The Wall Street Journal reports that a (very, very) small but growing number of lawyers are charging $100-per-hour (or slightly more).  According to the article:

At large firms, billable rates have climbed steadily over the years, since 2000 rising an average of 6% to 7% annually, according to the law-firm group of Citi Private Bank, a unit of Citigroup Inc. But for some time, the highest-billing partners at top big-city firms have hovered in the mid-to-high $900 range, hesitant to cross the four-figure threshold. “We have viewed $1,000 an hour as a possible vomit point for clients,” says a partner at a New York firm. “Frankly, it’s a little hard to think about anyone who doesn’t save lives being worth this much money,” says David Boies, one of the nation’s best-known trial lawyers, at the Armonk, N.Y., office of Boies, Schiller & Flexner LLP.

A select group of attorneys began billing at that rate before this year, such as Stephen Susman, a founding partner of a Houston firm who has tried big-ticket cases around the country, and Benjamin Civiletti, a former U.S. Attorney General under President Carter and a senior partner at Washington, D.C-based Venable LLP. And in London, top attorneys bill at rates that, when converted, can hit almost $1,500 an hour.

As a critical mass develops around fees of $1,000 an hour in New York, though, more firms may feel comfortable going to that level and beyond. “One-thousand dollars per hour has symbolic significance,” says Robert Rosenberg, a Latham & Watkins LLP partner who bills $925 an hour. “But like the year 2000, it’s just a number.”

And for the antitrust nexus (emphasis added): “On Sept. 1, New York’s Simpson Thacher & Bartlett LLP will raise its top rate to more than $1,000 from $950.  Firm partner Barry Ostrager, a litigator, says he will be one of the firm’s thousand-dollar billers, along with private-equity specialist Richard Beattie and antitrust lawyer Kevin Arquit.”

Comment feed: RSS 2.0. You can leave a response, or trackback from your own site.