Hourly rates for partners at top London law firms now exceed a record £1,000.
This is mainly due to the increasing complexity of the UK tax and legal system.
The UK’s tax code has more than trebled in size since 1997 and is currently over 22,000 pages long.
Hong Kong’s tax code, widely considered the most effective in the world, is only 276 pages long.
Source: Jim Diamond, The Price of Law, Centre for Policy Studies, 5th February 2016.