Law360, New York (April 15, 2015, 4:43 PM EDT) -- A well-known problem with the hourly fee is that it may in some cases reward inefficient lawyers and create a misalignment between counsel and client. For years, some observers have argued that the hourly rate will die out and be replaced by alternative fee arrangements. This has not happened.
Sixty-seven percent of executives polled in a March 2015 Claims Litigation Management Advisors study anticipated no change in the use of AFAs over the next five years. Thus, the question remains: What is a reasonable hourly rate to apply for a lawyer's time?
Two sources have recently come into use that are...
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