Sizable Contingency Fees Are Not Just for Personal Injury Cases

New York First Department has ruled that a 40% contingency fee was not unconscionable in an estate litigation case where the law firm had already received $18 million in hourly fees and $5 million in gifts for the partners.

Anthony Lin, Late 40 Percent Retainer Pact Survives Widow’s Dismissal Bid, NY L.J., Nov. 29, 2007, reports:

Though contingent fees of such magnitude are not uncommon in personal injury cases, they are rarer in estate cases. ***

[T]he appellate court majority said the propriety of both the retainer agreement and the gifts depended upon Ms. Lawrence’s capacity at the time she entered into it, and that her advanced age was not dispositive of the issue.* **

Graubard Miller’s lawyer, Mark Zauderer of Flemming Zulack Williamson Zauderer, said Tuesday that Ms. Lawrence was a sophisticated woman who had entered into the fee agreement with full knowledge. He said the firm was delighted with the 1st Department’s decision. ***

Special thanks to Jim Hartnett, Jr., (Attorney at Law, The Hartnett Law Firm) for bringing this article to my attention.