Wednesday, August 29, 2007

Attorneys now charging over $1000 an hour

This article notes the trend, but what´s more interesting to me is the psychology of pricing:
Yet, many attorneys are still reluctant to charge $1,000 an hour. "There is a perception issue between $1,050 and $950," says Hugh Ray, a partner at Andrews Kurth LLP in Houston. "At some point, you look bad if you go too high." Mr. Boies says psychology in part has held him back from charging more than $880 per hour, noting, "When I started practicing law in 1966, my billing rate was considerably under $100."
I wonder if there are any good studies on focal points in pricing. I wonder, for instance, how pricing (or package size) responds to currency denominations across the world and over time.

And more personally, guess how much the Orthodontist charges for a new mouthguard, as I found out when mine recently broke? That´s right, $980. Of course I asked if he could drop the price $200 and he said yes, but that´s another story for another day.


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