Twenty of the top 100 highest-grossing U.S. law firms are billing as much as $700 dollars per hour for climate change work that ranges from lobbying Congress to helping clients finance clean-energy projects, according to Bloomberg. And the move into climate-change law is gaining traction as Congress considers mandatory GHG caps.Baker & McKenzie, a Chicago-based firm with over 3,300 lawyers, pioneered a climate-change group ten years ago. The team of 60 lawyers brought in an estimated revenue of $15 to $20 million in 2007, said Richard Saines, who heads the US part of the practice.
According to Chuck Wehland, an environmental partner at Washington-based Jones Day, hourly rates for climate-change partners at the biggest firms range from $500 to $700. But Rick Glick, president of the American College of Environmental Lawyers, said Midwest and Pacific Northwest attorneys typically charge $300 to $500.
According to the article, companies in all sectors are turning to lawyers to help them build systems to monitor, report and verify carbon credits. Attorneys also advise private-equity firms and hedge funds on clean-energy projects.
One recent article highlighted which companies are vulnerable to lawsuits regarding climate change.