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Charge-out rate: Difference between revisions
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Now, it is a truism that one should judge a market by what it does, not what its [[Thought leader|thought leaders]] say, and here the irrepressible rise of the charge-out rate presents quite the conundrum for legal futurologists. | Now, it is a truism that one should judge a market by what it does, not what its [[Thought leader|thought leaders]] say, and here the irrepressible rise of the charge-out rate presents quite the conundrum for legal futurologists. | ||
For, if it is really true that legal practice is on the brink of revolution<ref>[https://www.allenovery.com/en-gb/global/news-and-insights/legal-innovation/the-future-of-the-in-house-legal-function The future of the in-house legal function], [[Allen & Overy]] thought leadership.</ref> — that [[alternative legal provider]]s are progressively eating big law’s lunch and that, generally, [[we will all have more leisure time in the future]] — then we should expect the overall vector of elite law firm | For, if it is really true that legal practice is on the brink of revolution<ref>[https://www.allenovery.com/en-gb/global/news-and-insights/legal-innovation/the-future-of-the-in-house-legal-function The future of the in-house legal function], [[Allen & Overy]] thought leadership.</ref> — that [[alternative legal provider]]s are progressively eating big law’s lunch and that, generally, [[we will all have more leisure time in the future]] — then we should expect the overall vector of elite law firm fee recovery to point ''downward''. | ||
But, if the charge-out rate is any indication — and there is surely none clearer — it does not. It yearns to the unending Cosmos. The elite law firms are in the rudest of health. Banker bonuses may have long since been crimped, the two-and-twenty model consigned to history’s dumpster, but the white shoe of international legal practice has steadfastly neglected to drop. We hear tell of mid-Atlantic boutiques paying graduates six figures just to sign onto a training contract. [[Magic circle law firm|Magic circle]] partners complain bitterly how hard it is to attract staff with any kind of work ethic. | But, if the charge-out rate is any indication — and there is surely none clearer — it does not. It yearns to the unending Cosmos. The elite law firms are in the rudest of health. Banker bonuses may have long since been crimped, the two-and-twenty model consigned to history’s dumpster, but the white shoe of international legal practice has steadfastly neglected to drop. We hear tell of mid-Atlantic boutiques paying graduates six figures just to sign onto a training contract. [[Magic circle law firm|Magic circle]] partners complain bitterly how hard it is to attract staff with any kind of work ethic. | ||