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Merrill said it still placed the highest value on customers who agreed to pay the firm fees based on the amount of money they have on account, rather than commissions on individual trades.
After a one-year phase-in period, HP will impose up to a 10% hold back of firm fees if certain firm diversity requirements are not met.
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To get the float on its way, the Government and Royal Mail have paid City firms fees of about £50m.
Mr Sigelman says that the remorseless rise in law-firms' fees is now under scrutiny from his company's clients.
In that case, a judge awarded two of the firms fees amounting to more than $10,000 an hour.
It will also very likely force increases in the firms' fees, which already start at about $200 an hour.
Bairoch says that with smaller firms, fees may be negotiable.
Instead, the commission wants to deepen its understanding of more arcane issues like firms' fee structures and how they value investments.
The firm earned fees from 245 clients in 2011, with fees of more than $1 million from 94 different clients.
The downturn in real estate sapped the firm of fees.
His firm received fees on $270 million in new investments by the New York City pension funds in 2007.
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