MAGIC CIRCLE firms have seen partner hourly billing rates drop by a third, according to a recent survey, The Lawyer reports. The survey, undertaken by costs lawyer Jim Diamond, found that over…

MAGIC CIRCLE firms have seen partner hourly billing rates drop by a third, according to a recent survey, The Lawyer reports. The survey, undertaken by costs lawyer Jim Diamond, found that over the last year average Magic Circle partner billing rates have dropped from £680 ($1278) per hour to £450. Average partner billing rates at other London firms have also dropped 15 per cent over the last year to £375 an hour.