Prevailing Market Rate for an Attorney Law and Legal Definition

“A district court has broad discretion to determine what constitutes a reasonable hourly rate for an attorney. A useful guideline in determining a reasonable hourly rate is the prevailing market rate in the relevant community, which is defined as “that rate which lawyers of comparable skill and experience can reasonably expect to command.” The appropriate rate is not necessarily the exact value sought by a particular firm, but is rather the market rate.” Livingston v. Cavalry Portfolio Servs., LLC, 2009 U.S. Dist. LEXIS 113240 (N.D. Ohio Sept. 8, 2009)