Market Overview
A less than boyant market hasn’t resulted in sharp pricing by WA’s insolvency lawyers. To the contrary – when compared to a similar sized and similarly resources/property focused state such as Queensland, WA’s insolvency lawyers are a good 20% more expensive than their Queensland counterparts.
Hourly Rate
The majority of Western Australia’s insolvency lawyers had a rack rate in excess of $600 per hour. Over 50% listed a rack rate of between $600-$700 per hour and over 20% noted that that their hourly rate was between $700-$800 per hour.
WA’s hourly rack rates can be deceiving with the listed vs actual rate often differing significantly and one would think that this is the case with the state’s insolvency lawyers given that rates are unlikely to be acceptable to sophisticated clients.
There are however a small pack of WA insolvency lawyers who present a particularly affordable option, listing their rack rate at between $400-$500 per hour.
Alternative Pricing
Across all areas some 70% of firms state that they use pricing other than an hourly rate. WA’s insolvency lawyers/law firms exactly matched this figure.
Unsurprisingly the two most common forms of alternative pricing used were fixed price and stage based costing with over 80% of firms that did use alternative pricing noting the use of these models.