Auctioning Off Lead Counsel May Lead To Lower Fees

Law360, New York (February 23, 2006, 12:00 AM EST) -- Astronomical fees collected by plaintiffs attorneys in class actions have prompted calls for sweeping reforms of securities litigation. But one tantalizingly simple solution—the auctioning off of lead counsel status by judges—has been all but abandoned, despite statistics that show it drastically reduces lead counsel fees.

Attorney compensation in class action cases has been debated for decades. Although all fees are supposed to be approved by the judge in the case, a concrete way to determine the market value of attorney services has never been established, essentially...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.