Not everyone is feeling the pain. Consider the folks who now bill out at GBP 1,000 per hour, for instance:
U.K. regulatory lawyers advising clients on the financial crisis and scandals like those involving Bernard Madoff bill as much as 1,000 pounds ($1,440) an hour -- 50 percent more than mergers-and-acquisition lawyers did during a takeover boom two years ago.
"It's our time in the sun," said Darren Fox, a regulatory lawyer who advises hedge funds at London-based Simmons & Simmons. "If you ask which departments are very busy and where clients' worries are, it tends to be in the regulatory area."
Madoff, Recession Drive Top U.K. Lawyer Fees as High as $1,440 [Bloomberg]