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date: 04 April 2020

Abstract and Keywords

This chapter analyzes and compares different forms of attorney compensation, namely contingent, conditional, and hourly fees. It focuses on the risk-sharing, screening, and incentive aspects these different contractual forms give rise to. It finds that each contractual form has its virtues, depending on the special circumstances of the relationship between the attorney and his client. In particular, the distribution of information turns out to be crucial. The message is, therefore, that there should be freedom of contract between the client and her lawyer: let them choose the contractual form that best suits their interests and the special circumstances of their relationship.

Keywords: attorneys, contingent fees, conditional fees, hourly fees, incentives, risk-sharing

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