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Playing It Safe with Low Conditional Fees versus Being Insured by High Contingent Fees

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  • Winand Emons

Abstract

Under contingent fees the attorney gets a share of the judgment; under conditional fees he gets an upscale premium if the case is won, a premium unrelated, however, to the adjudicated amount. This article compares conditional and contingent fees in a framework where lawyers choose between a safe and a risky litigation strategy. Under conditional fees lawyers prefer the safe strategy; under contingent fess, the risky one. Risk-averse plaintiffs prefer conditional fees over contingent fees when lawyering costs are low and vice-versa for high lawyering costs. Copyright 2006, Oxford University Press.

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Bibliographic Info

Article provided by Oxford University Press in its journal American Law and Economics Review.

Volume (Year): 8 (2006)
Issue (Month): 1 ()
Pages: 20-32

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Handle: RePEc:oup:amlawe:v:8:y:2006:i:1:p:20-32

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  1. Roland Kirstein & Neil Rickman, . "Third Party Contingency contracts in settlement and litigation," German Working Papers in Law and Economics, Berkeley Electronic Press 2002-1-1038, Berkeley Electronic Press.
  2. Emons, Winand, 2004. "Conditional versus Contingent Fees," CEPR Discussion Papers, C.E.P.R. Discussion Papers 4532, C.E.P.R. Discussion Papers.
  3. Emons, Winand & Garoupa, Nuno, 2004. "The Economics of US-Style Contingent Fees and UK-Style Conditional Fees," CEPR Discussion Papers, C.E.P.R. Discussion Papers 4473, C.E.P.R. Discussion Papers.
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Cited by:
  1. Bertrand Chopard & Thomas Cortade & Eric Langlais, 2008. "Trial and settlement negotiations between asymmetrically skilled parties," EconomiX Working Papers 2008-32, University of Paris West - Nanterre la Défense, EconomiX.
  2. Deffains, Bruno & Langlais, Eric, 2007. "Informational externalities and informational sharing in class action suits," MPRA Paper 4846, University Library of Munich, Germany.
  3. Deffains, Bruno & Langlais, Eric, 2010. "Informational Externalities and Settlements in Mass Tort Litigations," MPRA Paper 23016, University Library of Munich, Germany.
  4. Friehe, Tim, 2010. "Contingent fees and legal expenses insurance: Comparison for varying defendant fault," International Review of Law and Economics, Elsevier, Elsevier, vol. 30(4), pages 283-290, December.
  5. Florian Baumann & Tim Friehe, 2012. "Contingent fees meet the British rule: an exploratory study," Public Choice, Springer, Springer, vol. 150(3), pages 499-510, March.

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