Partner Rates Plummet At Top London Firms: Report

Law360, New York (September 22, 2009, 4:10 PM EDT) -- Partner billing rates have fallen to their lowest level in at least five years at the top five London-based law firms, according to a newly released survey.

Over the past twelve months, average partner rates at Magic Circle firms dropped from £675 ($1,102) an hour to £450 ($735) an hour, according to a survey by legal costs lawyer Jim Diamond released Tuesday and published in the Legal 500.

London's top five firms — Allen & Overy LLP, Clifford Chance LLP, Slaughter & May, Freshfields Bruckhaus Deringer...
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