My lawyer wears jeans in the office most of the time. Never wore a cheap suit in my life, there is something about a well made suit that just makes it a little easier to put up with having to wear one.
I remember one time another elder in my hall came up and complimented me on a tie I was wearing. Said "wow that tie must have cost $20." At first I didn't want to correct him, but then thought better of it since he was always such a know it all to others. When I told him it cost about $100 he got green in the face and walked away speechless. It was worth the cost of the tie just to see it.
There are times in business when suits may be a necessity but I'm just as comfortable, if not more so, in a pair of jeans now.