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It's mostly because for them it's so expensive to get a steady flow of clients. Kind of like how freelance programmers can charge $150/hr for dev work, but times two because it's much harder for a lawyer to get ongoing work from new clients. I started a whole company around this problem (Lawdingo.com - yc w13) and we're trying to get the rates down to the level you mentioned by handing all the logistics of getting lawyers a consistent flow of new clients.

They also have very high overhead costs. Most law firms have very nice offices in very prominent parts of the city. This is not cheap so they need to charge a very high price to just remain in business.

From an economic perspective, you can imagine that a lawyer can typically bill 2000 hours per year. If the lawyer's salary + benefits + retirement contribution is 150k per year, they would need $75 per hour to cover this cost. Since the lawyer is working for a big firm which has high overhead costs and a goal of returning profit to their partners, the amount that they bill typically 3X their hourly salary (3X $75 = $225). This is why it is so expensive to hire an attorney. For large corporations, this fee is reasonable since they have millions of dollars at stake in an M&A transaction, IPO deal, or patent litigation. For regular working folks, this is often unaffordable. Due to the bifurcation of the potential clients (big business vs. everyone else), there is also a bifurcation on attorney salaries.

That sort of makes sense, except that pricing should follow supply and demand, not marketing costs. There should be lawyers willing to work for less when the market is oversupplied and salaries drop.
So research and information management are not major costs?

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