Hourly Fees With a Comma?

A recent article in the Wall Street Journal says that attorneys' hourly fees are crossing the $1,000 for the first time. New York's Simpson Thacher & Bartlett LLP was set to raise its top rate to more than $1,000 this month. New York's Cadwalader, Wickersham & Taft LLP did so earlier this year. Large firm billable rates have climbed an average of 6% to 7% annually since 2000. Recently, we have had judges in Los Angeles County Superior Court approving hourly rates on class action work in the $450-550 per hour range for 10-20 year attorneys. We have yet to see a base rate of $1,000 per hour sought or approved in the wage and hour class action context.