It is crazy the amount of money that attorneys are paid. Where as in medicine even the highest paid emergency physicians are paid only a fraction of that amount. How can people complain how much physicians earn when they look at attorneys, actors, and athletes.
Raising rates ensures that law firms keep up with the competition and helps them wrest more money from clients, who routinely demand discounts for all but the most sensitive work.“If you think of the rules of supply and demand, how in the world can they keep raising their rates?” said Jeff Carr, a former general counsel of oil-and-gas services and equipment company FMC Technologies who for years has been an outspoken opponent of hourly legal rates.
Source: Legal Fees Cross New Mark: $1,500 an Hour – WSJ