|
||||
|
||||
The Effect of Attorney Compensation on the Timing of Settlements
Eric Helland Claremont McKenna College - Robert Day School of Economics and Finance; RAND Jonathan Klick University of Pennsylvania Law School June 1, 2006 1st Annual Conference on Empirical Legal Studies Paper Abstract: Using Federal Judicial Center data on class action settlements, we find that plaintiffs' lawyers who expect to be compensated using the lodestar, or hourly fee, method systematically delay settlement to accrue additional fees. Plaintiffs' attorneys who expect to be compensated on a percentage basis of any settlement or award, on the other hand, settle their cases more quickly as predicted by the Spier (1992) settlement model. These results cast doubt on the potential for lodestar calculations to police the conduct of plaintiffs' lawyers in class actions.
Keywords: Class Action, Lodestar, Attorney Fees, Judges, Lawyers JEL Classifications: K00, K42, J22, D82 Working Paper SeriesDate posted: June 05, 2006 ; Last revised: June 05, 2006Suggested CitationContact Information
|
|
|||||||||||||||||
© 2009 Social Science Electronic Publishing, Inc. All Rights Reserved. Terms of Use Privacy Policy
This page was served by apollo3 in 0.125 seconds.