An expert on contingency fees argues that class-action lawyers should be compensated like investors considering the risks they undertake, but that they are too often restrained by the profession’s billable hour allegiance.
Limiting Factor: “When other entrepreneurs and investors succeed in their ventures, no one asks them: How many hours did you spend on this venture? What effective hourly rate did you earn?” Vanderbilt’s Brian Fitzpatrick writes.
Breaking the Mold: Lawyers would benefit from educating clients about how value-based models operate, and when they are more appropriate than the billable hour model. But it will take a long time and hard work to diminish the billable hour paradigm in the legal profession. Roy Strom has more in this week’s Big Law Business column.
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Husch Blackwell Lawyer Helps Kanye West Get on Wisconsin Ballot
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Business of Law
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DLA Piper said energy industry in-house senior counsel Raul Farias joined as a partner in its corporate practice and energy sector in San Diego | Mintz hired corporate attorney Louis Mercedes as a member in Boston, arriving most recently from Jones Day | Hunton Andrews recruited Seyfarth worklaw partner Scott Nelson in Houston as a partner | Pillsbury added Insolvency & Restructuring partners John Pintarelli (from Morrison & Foerster) and Patrick Fitzmaurice (from Troutman Sanders) to the New York office | Seyfarth hired Adam Lasky as a partner in the Litigation department in Seattle from Oles Morrison | Latham & Watkins said that Peyton Worley has joined the Emerging Companies Practice as a corporate partner in New York from Cooley | Paul Hastings announced the launch of its FDA Regulatory practice, and added FDA enforcement and investigations lawyers Nathan Sheers and Peter Lindsay as partners in the Investigations and White Collar Defense practice in Washington | Haynes and Boone said that corporate restructuring lawyer Richard S. Kanowitz joined as a partner in New York from Cooley | Norton Rose Fulbright hired Ted Kamman to its New York office as a partner from Sidley Austin.
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