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{{image|Charge Out Rate|png|A [[Magic circle law firm|Magic Circle]] [[charge-out rate]], captured in stunning detail by the James Webb Telescope as it powered its way past Beleguese, yesterday.}}}}A [[charge-out rate]] is a form of cosmological constant. | {{image|Charge Out Rate|png|A [[Magic circle law firm|Magic Circle]] [[charge-out rate]], captured in stunning detail by the James Webb Telescope as it powered its way past Beleguese, yesterday.}}}}A [[charge-out rate]] is a form of cosmological constant. | ||
You can plot it through time on a graph, as a straight line rising at more or less the steepest possible gradient at which an independent observer’s eyes will not | You can plot it through time on a graph, as a straight line rising at more or less the steepest possible gradient at which an independent observer’s eyes will not involuntarily water. | ||
You see the line | The average [[Magic circle law firm|magic circle]] partner charge-out rate passed £1,000 in 2016, escaping the surly bonds of economic gravity and streaking out past the heliosphere into the deep frozen blackness of interstellar space. Ordinary commerce has now lost all contact with the charge-out rate. The last photo it sent back was a blurry image of a [[blob]] of dust suspended in a sunbeam: our budget; a lonely speck in the great enveloping cosmic billingness.<ref>Apologies, of course, to Carl Sagan.</ref> | ||
And yet this rising line will continue inevitably, inexorably and without variation, regardless of market condition, geopolitical angst, or the softness of the labour or investment market, until the very [[end of days]]. | |||
You see the same immutable line that the [[charge-out rate]] follows in two other natural environments: | |||
A ''malign'' version, in the financial performance of someone who is up to no good: a [[Madoff|Ponzi scheme]], for example, or an insider trader — and here the [[Apocalypse]] may happen at any time, and will be personal to those at whose expense the scheme is being perpetrated; and | A ''malign'' version, in the financial performance of someone who is up to no good: a [[Madoff|Ponzi scheme]], for example, or an insider trader — and here the [[Apocalypse]] may happen at any time, and will be personal to those at whose expense the scheme is being perpetrated; and | ||
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A ''benign'' version — benign, at least, as far as our [[Private practice lawyer|learned friends]] are concerned — that describes the growth and development of [[charge-out rate]]s and, more generally, of ''revenue'' through time in a [[magic circle law firm]]. | A ''benign'' version — benign, at least, as far as our [[Private practice lawyer|learned friends]] are concerned — that describes the growth and development of [[charge-out rate]]s and, more generally, of ''revenue'' through time in a [[magic circle law firm]]. | ||
Here the “[[ | Here the “[[apocalypse]]” really means the ultimate limit of [[space-time]] however that might happen to be described (if at all) under prevailing cosmological theory, for the inevitability in the growth of [[Magic circle law firm|magic circle]] revenues and [[charge-out rate]]s is one of the most persistent and predictable phenomena in the known universe. | ||
Every other indicator will have its ups and downs: dotcoms will boom, unicorns will bust, credit bubbles will burst, hedge-funds implode — but the hourly rate of the equity partner of a global law firm will constantly, happily, and irresistibly rise. It is a wonder why no-one is trying to harness it as an exhaustible source of clean, renewable energy. | Every other indicator will have its ups and downs: dotcoms will boom, unicorns will bust, credit bubbles will burst, hedge-funds implode — but the hourly rate of the equity partner of a global law firm will constantly, happily, and irresistibly rise. It is a wonder why no-one is trying to harness it as an exhaustible source of clean, renewable energy. | ||