The laws of market implies rational actors and decisions aimed at maximizing revenues. Lawyers, especially new ones, may consider reputation more valuable than cash. A begginer charging $800 an hour will get nothing. To maximize profit should charge any price to get his first clients then go upward. However, if he has the patience of trying to find clients for several months and sticking to his initial price, he will end up getting one (there are many irrational actors out there). That is not a profit maximization strategy but a shortcut to high reputation and a gamble many lawyers may be tempted to do, especially those that have a high self-esteem.