Who says we shrink from giving lawyers favorable publicity? From a report earlier this month in the Rocky Mountain News:
The California law firm Lerach Coughlin sought $96 million in legal fees when it engineered a $400 million shareholder class-action settlement with Qwest Communications over alleged securities fraud.
So how much did Denver attorney Curtis Kennedy seek when he prevailed in getting those legal fees slashed to $60 million – thus providing $36 million more for the shareholders?
Only $40,500. That’s the 90 hours Kennedy spent on the case times his hourly rate of $300 times 1.5, according to a federal court filing this week. …
Other attorneys might have tried to get a percentage of the $36 million.
“I just think that would be hypocritical after asking the judge to apply moderation” to the $96 million request by Lerach Coughlin, Kennedy said.
Kennedy was representing the Association of U S West Retirees in the case. (Jeff Smith, “Lawyer asks for $40,500 in legal fees”, Rocky Mountain News, Oct. 12)(via Securities Litigation Watch).