$2,000 An Hour Lawyers: That's One Way To Fund Salary Increases
Which lawyers make the list of those able to charge $2,000 an hour?
Two grand an hour is an awful lot of money to spend on a lawyer, but BTI Consulting confirms that the very number is what the elite of lawyers can command for their work. As you might imagine, interest in these attorneys able to bring home the bacon is pretty high, especially now that firms are wondering how they’ll be paying for the raises they’ve given to associates.
It’s nearly impossible to compile a definitive list of which lawyers command top dollar. Typically, such things aren’t really discussed. But Law360 has spoken with industry experts and insiders to come up with a list of the top lawyers probably pulling in the big bucks.
So, without further ado, here are the folks rumored to charge $2,000/hr for their services:
What Do Millennials Think Of Law Firm Life?
- David Boies
Boies Schiller & Flexner - Ted Olson
Gibson Dunn - Paul Clement
Bancroft - Neal Manne
Susman Godfrey - Morgan Chu
Irell & Manella - Gordy Davidson
Fenwick & West - James H.M. Sprayregen
Kirkland & Ellis - Kim Koopersmith
Akin Gump
That’s an impressive list of Biglaw bigwigs. (It should be noted Greenberg Traurig LLP’s Brian Duffy and white-collar attorney John Everett were also mentioned as potentially in the $2k club, but they denied charging clients that much.) And you’ll note, half of the firms represented on the list are also those that have recently raised associate salaries.
But how do these attorneys get their clients to pay these large bills? In short, they are worth it. As Tom Mars, former Walmart general counsel, said to Law360, “If you choose the right lawyer, they are priceless.” Indeed, Mars relayed a fascinating story of the benefits clients get when they pay top dollar (it should be noted this story took place before the $2,000/hr threshold was reached):
“Ken [Doran, managing partner at Gibson Dunn], I’ve been thinking a lot about the rates we’ve been paying Ted Olson and Ted Boutrous, and I’d like to talk to you about making an adjustment,” Mars recalls saying. “I hope we can agree on this without taking it to the committee.”
There was a long pause before Doran started to go into why he thought the rates were justified. But Mars interrupted him.
“Ken, I don’t think you understand. I want to raise the rate,” Mars recalls saying.
Specifically, Mars was asking to bump the rates up by about $200 and wanted to make sure that would be the highest rate the duo was earning from any client, “because when they get up in the morning and their feet hit the floor, I want to make sure they are thinking about the Dukes case and not any other case that charges a higher fee.”
It would be the highest rate they were paid. “Wal-Mart doesn’t just throw money around,” Mars noted. “This was an exception … [and] when the Supreme Court unanimously dismissed that action, I didn’t hear anybody complaining about that rate.”
Sponsored
The Global Legal News You Need, When You Need It
Legal Knowledge Management To Drive Dealmaking
What Do Millennials Think Of Law Firm Life?
Legal Knowledge Management To Drive Dealmaking
High stakes certainly seem to justify the rates. And there are specific types of cases which experts point to as needing that expensive personal touch:
For Mars, there are only three situations in which he would be willing to pay top rates: when a case is going to be argued before the U.S. Supreme Court, when facing bet-the-company litigation, and when defending against a criminal indictment.
Others, however, added that $2,000 an hour could also be commanded by top M&A, antitrust or structured finance attorneys whose expertise and advice on a matter could make or break a high-stakes deal. Former regulators or former judges who can provide key insight on a key legal matter might also make that much.
But not everyone is interested in paying these high bills, and some don’t think it’s worth it. Legal industry consultant Edwin Reeser is quoted by Law360 as saying, “No lawyer is worth $2,000 per hour for every hour they work. Not today. Some lawyers. Some matters. Some discrete issues, OK.”
So though it happens, it is far from the industry standard. Kudos to those that are able to charge the whopping $2,000 an hour.
Meet the $2,000 An Hour Attorney [Law360]
Sponsored
Stuck Drafting A Tough Brief? This Tool Can Help.
