I just struck it rich

[freeradical]

From an email I just got:




I'm sure the lawyers made out like bandits here...

[Buzz]

The laywers are surer.....

[$tevie]

That reminds me of the Sprint phone settlement: $15 off on my next Sprint phone. Right into the trash.

[Ombligo]

Class action suits are very beneficial to attorneys.

VERY simplistic model…
A company agrees to settle a suit for $1 million before trial that has 100,000 claimants.
The attorney has a standard contingency rate of 25%.
The attorney will receive $250,000, the claimants will receive $7.50 each

one guess who celebrates the win.

[Chakravartin]

Ombligo wrote:
The attorney has a standard contingency rate of 25%.

Attorneys generally receive 33% of any award/settlement, plus hourly fees and expenses. It often comes to 40% or more of the total settlement.

[goodmanx]

chak--i've never heard of a court awarding a lawyer a contingency fee plus a fee based on the lawyer's hourly rate. it's generally one or the other.

but, then, i don't get out much.

[vision63]

$tevie wrote:
That reminds me of the Sprint phone settlement: $15 off on my next Sprint phone. Right into the trash.

Dangit. I could have used that $15.

[Chakravartin]

goodmanx wrote:
chak--i've never heard of a court awarding a lawyer a contingency fee plus a fee based on the lawyer's hourly rate. it's generally one or the other.

but, then, i don't get out much.

It might not be the lawyer's hourly rate. The attorneys can ask for anything they want, tho and usually ask for expenses including hourly wages at least for their support staff.