More Well-Funded Plaintiffs' Actions, Coming Soon to A Company Near You
In this post, Billions from corporations to tort lawyers, fueled by victories with contingency, Rees Morrison reports on a recent law review article that estimates that "contingent fees in tort cases are generating upwards of $22 billion in annual income and are increasing at a substantial rate." Even more interesting, Morrison notes that "the average effective hourly rate of the contingent fee bar has increased by 1,000 percent to 1,400 percent. And much of this money is flowing from corporate defendants. Plaintiffs firms then invest those billions in more lawsuits, with the end result being more suits against companies and more work for their in-house and outside defense attorneys. Morrison concludes that "Lucre like that will draw in talent and encourage investments, all to the detriment of law departments."
Posted by Carolyn Elefant on April 28, 2006 at 07:15 AM | Permalink
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