Saturday, October 3, 2009
Should a firm be entitled to $42 million contingency fee?
Assume a firm represented a client for 22 years in litigation over the estate of her husband. During that period, the client paid hourly fees. Then, at some point, the client agreed to change her agreement to a contingency fee based on the value of the estate. Then, just four months after the contingency fee agreement is reached, the value of the estate is finally settled to be $104.8 million. Should the firm be entitled to a $42 million contingency fee? That is the question in a trial that began this week in New York. For more on the story go here.