Wall Street Lawyers Dumped for Lower-Priced Boutiques

U.S. companies, adopting a model used by DuPont Co., are adding firms with 300 or fewer lawyers to their outside-counsel roster and saving as much as half compared with fees of Wall Street firms more than triple that size.

DuPont and other clients, hit by the recession, are pressing firms for fixed fees or 10 to 25 percent discounts, industry consultants said. Lower overhead of smaller firms, such as 210-lawyer Hiscock & Barclay LLP, permit them to charge less than DLA Piper LLP or Latham & Watkins LLP, which have thousands of lawyers. Partners at smaller firms charge $500 to $600 an hour as top fees compared with as much as $1,000 at large New York firms.