THAT CAN BE ARRANGED – Billing for value rather than time has been growing over the last several years, along with the sophistication of Big Law’s pricing teams and practices. Now, though, as Law.com’s Andrew Maloney reports, the uncertainty saturating the economy has led businesses to grasp more for stability and certainty wherever they can get it. And even as inflation levels off and the U.S. economy continues to stave off recession, firms and clients are continuing to lean on things like portfolio pricing, busted-deal and success-fee arrangements in their transactional work.
INCENTIVE TO CHANGE – This month, the U.S. Court of Appeals for the Second Circuit found that incentive awards were “at best dubious” under U.S. Supreme Court precedent dating back to the 1880s. Petitions to review decisions by the Eleventh and Second Circuits are pending before the U.S. Supreme Court. As Law.com’s Amanda Bronstad reports, the appellate decisions and petitions before the Supreme Court reflect increased concern about incentive awards, particularly when compared to the amount paid to class members. “There is growing unhappiness with incentive awards, at least among some judges,” said Geoffrey Miller, a professor at New York University School of Law. “Many courts are beginning to require the named plaintiff to submit time records and document their actual or implied hourly rates.”