British lawyers are increasingly engaged in international commerce and are profiting handsomely from it. Recent reports in the legal press suggest substantial increases in the profits of nearly all the larger City firms—to more than £2m per equity partner in at least two cases—while ‘magic circle’ partners are charging hourly rates of between £1,000 and £1,500. Contrast that with legal aid rates often below 10% of these amounts and the starvation of funding for criminal justice and legal services outside the commercial sector. There are two major concerns. One is the effect on the ethics and standards of the profession of such profits. The other is the glaring polarisation of the legal system between wealth within and poverty outside the commercial sector.
‘Dirty money’
There is no reason to suggest impropriety in financial success. Much of it is doubtless the product of sound advice to reputable clients and it benefits the domestic
