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It is unfortunate and unethical - but true - there is a significant exaggeration/ inflation in hours. There is pressure on partner for billing. There is pressure on the fee earners to meet the 2200+ billable hours annually. This is directly linked to year end reviews and bonuses. Ultimately, the client directly bears the brunt of these pressures in terms of the additional billing - which is quite difficult to keep a check on when there are multiple lawyers working on the same matter/ transaction.
I'm personally very happy pay to premium for the girl or guy who can get the work done quickly, effectively and with the right quality - and when I am as practising, i would often charge premium for getting a transaction done faster (and basis client satisfaction). Not sure why more folks don't try.
And for a few - inflated considerably