Over-charging by major City law firms could be as high as £5bn over the last five years. I estimate that the flawed system that lawyers continue to use to produce bills has led to charges that are, on average, 5%-10% higher than they should have been across the board. And I believe that when the fundamentally flawed system finally unravels, it will make the MPs expenses scandal look like children taken a few loose sweets from a corner shop. The background to these comments comes as a result of having compiled what is considered the definitive survey of hourly rates charged by the profession for the last 13 years.
Costs lawyer Jim Diamond (pictured) argues major law firms have over-charged their clients by £5bn in the last five years Over-charging by major City law firms could be as high as £5bn over the last...
Outstanding Individual Innovator award handed to Schillings COO Christopher Mills
The US firm has announced salary increases across its associate scale
Updates from today's Legal Innovation Awards ceremony, with coverage of the awards announcements as they happen
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Head of international financial technology at the firm Angus Mclean is responsible for the new venture