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Contingent Fees for Attorneys: An Economic Analysis

  • Daniel F. Rubinfeld
  • Suzanne Scotchmer

When there is asymmetric information, contingent fees can allow clients to signal the qualities of their cases and attorneys to signal the quality of their advice. Thus, a well-informed client who has a high-quality case will be willing to pay a relatively high fixed fee and a relatively low contingency percentage, while a client with a low-quality case will prefer a low fixed fee and a high contingency percentage. In contrast, a well-informed high-quality attorney will signal her ability by working for a relatively high contingency percentage.

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Article provided by The RAND Corporation in its journal RAND Journal of Economics.

Volume (Year): 24 (1993)
Issue (Month): 3 (Autumn)
Pages: 343-356

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Handle: RePEc:rje:randje:v:24:y:1993:i:autumn:p:343-356
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