According to The Economist magazine, local law firms are experiencing "...ballooning demand for legal services and falling costs."
Not sure that we are seeing corresponding rate cuts... One reason may be that "[b]ig law is becoming not just bigger but also more concentrated. In 2020, the three biggest earners accounted for nearly 10% of the gross billings at the top 100 global law firms..."
I'm sure that Big Law appreciates your subsidizing their office space in London and Dubai... but you don't need to pay premium rates for expert advice.
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