I gave an in-house seminar yesterday and this topic cropped up. Apart from my hairline, it is probably the most misunderstood topic in costs.
The Guideline Hourly Rates ARE DESIGNED FOR FAST TRACK CASES.
Given that time (units) and hourly rates are the building blocks for all fee earners, firms and profitability, as well as the fact that they are always disputed – it pays to know the basics.
Lastly, good costs draftsman (mentioning no names), are always at the end of a telephone to help you set the right rates in the retainer. Plus most of them don’t charge more than a bottle of red…