In my home country, pretty much one in every 10 people with a degree is a lawyer (if I'm not mistaken, 1/3 of the world lawyers work there). Still, the hourly rates of the good ones are huge (to the tune of the aforementioned 700/h). I'm guessing it's a factor of the number of hours: you don't hire a lawyer for 8h/day - you pay for a few hours, and that is that, so at the end if the month, they sort of "cost the same" as the dev.

I know, it's a totally absurd "theory". Just my 2 cents, anyway