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That is a very expensive billing rate - generally only applicable to senior partners in large established firms. Rates vary widely. From $75-$100/hr for a young associate to $300-$500/hour for a senior partner. I will make sure to include some articles about billing rates, and how to negotiate billing rates.
I am shooting myself in the foot by saying this, but it is true that you can almost always negotiate attorneys fees. If the attorney is also your friend and confidant, which they should be, they should understand your need to carefully budget legal expenses.
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