In the ongoing crisis, financial institutions are hurrying up for due diligence exercises for their outstanding liability, which involves professional services of attorneys.
Typically, like most professional services in the US, attorneys charge their clients on an hourly basis.
According to Pangea3, the difference is that the hourly rates for lawyers in the US are probably the highest, ranging from $250 per hour for an associate to more than $500 for senior lawyers and partners.
Image: The partial logo for Merrill Lynch's headquarters is seen in New York | Photograph: Nicholas Roberts/AFP/Getty Images
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