It's time to drive down law firm rates. But not just by reference to the hourly rate. By reference to the irrational assumption that it is acceptable for clients to help their lawyers become millionaires.
Let me add an important rider. I appreciate that Big Law lawyers are intelligent, work extremely hard and often at unsociable hours. I accept that there is a price to pay to be able to call on that expertise at any hour, any day of the week. And anyone working at that level of intensity has a right to expect a high level of compensation, otherwise why bother frankly. So I'm not calling for the high end of the legal profession to adopt some kind of Marxist ideology. But I am challenging the assumptions that exist in the legal marketplace about the 'normal' levels of compensation payable.
A footnote for any aggrieved solicitors reading this who don't work in Big Law. This post is about Big Law. It is not intended as a criticism of the thousands of UK solicitors who ply their trade on the high street or elsewhere for more modest compensation. And if you are an aggrieved solicitor reading this and working in Big Law, then feel free to pull my arguments apart in the comments section below.
Tim Bratton is general counsel of the Financial Times and blogs at thelegalbratblawg. Click here to follow Tim on Twitter.
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