2nd Circ. Raises Bar For Legal Fee Reductions

Law360 (January 8, 2009, 12:00 AM EST) -- In a victory for bankruptcy professionals working on a contingency basis, the U.S. Court of Appeals for the Second Circuit has ruled that attorneys representing bankrupt Smart World Technologies LLC are entitled to a full agreed-on contingency fee — despite attempts by the debtor and creditors to later reduce that amount.

On Tuesday, the court issued an opinion that attorneys with Riker Danzig Scherer Hyland & Perretti LLP may collect a $2.2 million fee on a $6.5 million litigation settlement for the estate, per a contingency...
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