$600 (bleeping) per hour? (Sorry, I’m from Illinois. It’s our water.)
Blago humor aside, let me draw your attention to this Wall Street Journal Law Blog post. From the Journal:
Yesterday, Judge Chin, in a polite and judicious order, asked Dewey to provide a bit more information on its fees:
It is difficult to evaluate the reasonableness of the hourly rates for most of the lawyers listed. For example, [five attorneys] — all simply described as “Associate” — have substantial hours billed at hourly rates of, respectively, $605, $605, $550, $605, and $605. Without knowing anything about their backgrounds, it is difficult for the Court to determine whether the requested hourly rates are reasonable.
Perhaps if one of the associates also has a Ph.D. in astro-physics and the case requires that scientific expertise, one of the associates might be worth it. But the question for all of you-in-house lawyers–do you think associates are worth these rates? Does this question posed by the Court influence your answer?
Is it reasonable to bill at hourly rates of $700 to $950 to $950 for partners and $425 to $550 to $605 for associates in the context of a securities receivership? Is it reasonable to bill at hourly rates of $285 for summer associates & $175 to $275 for paralegals?
Ever wonder how these rates can add up? The Journal reports that Dewey is seeking $2.2 million for 20 days worth of work, $100,000 per day. I’m in awe.