The going rate for attorneys like the ones at King and Spalding, who represent Washington EMC and the remaining three co-ops in Power4Georgians, is about $650 per hour, per attorney. They usually have no fewer than three attorneys at their table. Billing just under $2000 per hour isn’t chump change.
So how did last year go for King and Spalding? According to the American Law site, the firm’s revenue increased 9 percent, jumping from $718M to $781.5M. The cut per equity partner (lawyers in the firm eligible for distribution of profits) went up 12 percent from the previous year, falling just short of $2M at $1.975M. The article reports that K&S’s revenue has increased 20 percent since 2008, and the profit per equity partners (lawyers in the firm eligible for distribution of profits) soared by 56 percent.
Every Washington EMC owner member contributed directly to those profits when they paid their bill or bought an appliance. It just doesn’t seem right that “our” attorneys are making out like bandits with our money.
Do the phones at K&S sound like a cash register when Dean Alford calls? Just wonderin’