Ireland's top commercial lawyers are charging up to €500 per hour for their services, according to a publication that surveys the legal markets in more than 70 countries.
The Legal 500 book, released annually by a British business publisher for commercial lawyers and their clients, shows that partners in Ireland's commercial law firms charge between €280 and €500 per hour, while assistants' rates range from €150-€300.
The survey said billing rates were kept in check by the "competitiveness of the Irish market", although practices in the sector are being reviewed by the Competition Authority following OECD allegations of a "closed shop".
Revelations that lawyers are earning €1,700 a day at tribunals has done little to improve the profession's image with the public.
But commercial fees of €500 per hour at the top level far outstrip the cost of tribunal work. A senior partner in a leading commercial law firm could earn up to €4,000 a day and billings of €20,000 a week on the basis of these figures.
However, Mr Brendan Cahill, a partner with William Fry, claimed the top rates were rarely charged and were usually levied against high-ranking international firms.
He said: "Top US companies are used to paying far more for their legal fees and they generally prefer to be billed on a per-hour basis."
He also pointed out that Ireland's rates compare favourably with those in Britain and US. In London the top hourly rate for a commercial lawyer is around £600 (€845) while in New York fees can rise to $700 (€607).
Mr Cahill said: "We predominantly charge customers on a per-project basis, which takes into account the seniority of the partner leading the case, the amount of time the firm spends on it and the value of the outcome to the client."
One solicitor with a leading law firm, who preferred to remain anonymous, claimed legal fees had risen in line with the increased sophistication of the Irish business market. "Irish solicitors are increasingly dealing with some of the top M&A deals in the world, such as the recent €3.7 billion acquisition of Smurfit by Madison Dearborn," he said.
He maintained the value of businesses has increased over the past 20 years and claimed the increased complexity justified the fees charged.
"If you earn €20,000 for a client wishing to sell a company worth €20 million and you manage to sell it for €25 million as well as reducing their tax bill, don't you think the payment should reflect that achievement?"
Mr Ronan Malony, managing partner of McCann Fitzgerald, said his firm charged at least €100 under the stated top hourly fees.
The Legal 500 lists the top-performing commercial law firms in each country. In Ireland, the big five are A&L Goodbody, Arthur Cox, McCann Fitzgerald, Matheson Ormsby Prentice and William Fry. Arthur Cox ranked first for M&A activity last year, while A&L Goodbody topped the league for banking and finance.
