The invisible hand of the free market hasn’t been able to exert much control over law firm billing rates, U.S. District Judge Jed S. Rakoff said April 3 at a Cardozo School of Law panel discussion about the high cost of the legal system.
The judge cited data from a 2016 Cardozo Law Review article, “The Cost of Rules, the Rule of Costs,” which reported average hourly rates for partners shot up from $122 in 1985 to $532 in 2012 (average associates rates grew from $79 to $370 in the same time period). The article suggests the rates for big ...
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