Hourly rates

According to The Lawyer of 19 November, average partner hourly rates at magic circle firms have risen by 67% from £375 to £625 during the past four years, with the costs for specialist tax or regulatory advice coming in at around £700 an hour. Partner rates of national firms have spiralled by 89%, from £185 to £350 an hour. Newly qualified associates in the magic circle charged £235 an hour compared with £175 four years ago and hourly rates for five year-PQE associates have risen by 53%, from £245 to £375.