Chapter 11 announced - Part 14 - Plan Effective

[clbkbx]

15 hours ago, skeptic said:

not get billable time

Aren't most lawyers working on a contingency where it would be better for them to do more hours? That’s the complaint I’ve heard from survivors: that they can’t get a response or have their attorney do anything for them.

[fred8033]

On 11/23/2024 at 11:26 PM, Ojoman said:

They already have 1 billion of the 2.4... I think I have that right... Class actions ought to be capped at 10%... 

That might need clarification.  Is it 1 billion of the 2.4?  Or is it a large sum paid by invoices over the last 4.5 years as part of bankruptcy proceedings?  And two more groups that is being paid as a combination of invoiced hours to cover bankruptcy administration (some law firms) and shared client awards (other law firms)?

I am really curious what the bankruptcy legal fees were before the settlement?  And what the admin cost will be after?  And what portion of the awards will be shared with attorneys?  Total before and after must be over a billion.  

I'm just curious.

[fred8033]

On 11/24/2024 at 10:55 AM, clbkbx said:

Aren't most lawyers working on a contingency where it would be better for them to do more hours? That’s the complaint I’ve heard from survivors: that they can’t get a response or have their attorney do anything for them.

Contingent representation means a percent of the award instead of billable hours; usually.  The lawyer won't earn more money by returning the client's calls.  So not getting a response in a large class action is not surprising.  

Effectively contingent cases means less earned per hour with each extra hour invested.  The least hours invested the better for the law firm.

Edited 13 hours ago by fred8033

[clbkbx]

14 minutes ago, fred8033 said:

The least hours invested the better for the law firm.

Duh... that is what I meant to write. I was trying to make the point that it would typically be better for folks to have their lawyers do as much as possible from a cost perspective. 

[Ojoman]

10 hours ago, fred8033 said:

That might need clarification.  Is it 1 billion of the 2.4?  Or is it a large sum paid by invoices over the last 4.5 years as part of bankruptcy proceedings?  And two more groups that is being paid as a combination of invoiced hours to cover bankruptcy administration (some law firms) and shared client awards (other law firms)?

I am really curious what the bankruptcy legal fees were before the settlement?  And what the admin cost will be after?  And what portion of the awards will be shared with attorneys?  Total before and after must be over a billion.  

I'm just curious.

'even when a lawyer takes a case on contingency, additional expenses like court filing fees, expert witness fees, and costs associated with gathering evidence can be added on top of the contingency fee, meaning the client may still need to pay these costs even if they lose the case; these expenses are typically deducted from the settlement amount if the case is won'