Playing it Safe with Low Conditional Fees versus Being Insured by High Contingent Fees
Under contingent fees the attorney gets a share of the judgement; under conditional fees they get an upscale premium if the case is won, which is, however, unrelated to the adjudicated amount. We compare 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.
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- Kirstein, Roland & Rickman, Neil, 2002.
""Third Party Contingency" contracts in settlement and litigation,"
Berkeley Olin Program in Law & Economics, Working Paper Series
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dp0407, Universitaet Bern, Departement Volkswirtschaft.
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