In the world of big law, rates are continuously reaching new heights. One of the latest instances highlighting this trend is the case of Benitago Group’s bankruptcy. A committee of unsecured creditors hired Dechert to represent them, offering a fee up to $2,000 hourly, as revealed in an employment application filed in the U.S. Bankruptcy Court for the Southern District of New York. More details about this arrangement can be found on Law.com.
Dechert’s current top-billing partner assigned to Benitago’s bankruptcy charges $1,825 an hour. However, in a recent court filing, the law firm disclosed an impending 20% firmwide rate increase for top partners, which would result in some partners earning $2,400 hourly.
This data underscores a broader trend within the legal industry: increasingly high rates for top partners. In fact, recent bankruptcy court filings reveal that McDermott is charging its top partners an astonishing hourly rate of $2,590. The escalating rates shed light on how highly sought-after legal expertise continues to command substantial compensation, particularly in high-stakes bankruptcy cases.