Re:Equifax Faces Multibillion-Dollar Lawsuit Over Hack
by tptacek on Saturday September 09, 2017 @12:47AM
(#15205603)
This is contingency work. The winning cases have to pay for the losing cases. When they lose, the lawyers invest $160MM worth of very real payroll and consulting fees and get nothing.
>$5.7 billion settlement, about $500 million in attorneys' fees, or less than 10% of the fund. $160 million worth of time invested by the attorneys to get to that point.
How often to private retained attorneys get $320 million in pure profit. Additionally the 'time invested' already has income for all of the involved lawyers.