Tuesday, March 09, 2004

Attorneys concentrating wealth as fast as they can

Title: The New Billionaires
Source: Trial Lawyers Inc.

From the article:
    Once upon a time, the average person blanched at lawyer fees that reached upward of $500 an hour at many of the best firms. But those high hourly fees are chump change compared with what Trial Lawyers, Inc. is raking in these days. From tobacco settlements to asbestos class action suits, the industry now boasts fees that can range as high as an astounding $30,000 an hour, turning some members of Trial Lawyers, Inc. into overnight billionaires and providing the capital to bankroll new lawsuit ventures in new markets.
    Regardless of one’s view about the merits of the suits, the mega-fees from the 1998 tobacco settlement were nothing but egregious. Some 300 lawyers from 86 firms will pocket as much as $30 billion over the next 25 years even though, for many of them, the suits posed minimal risk and demanded little effort.That staggering sum comes right out of taxpayers’ pockets—enough money to hire 750,000 teachers.


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