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LAWYERS WORKING ON CONTINGENCY RARELY COMPETE ON PRICE: STUDY
- Lawyers who work on a contingency fee basis in New York City do not compete on price, according to the results of a new study. Almost all contingent fee lawyers charge the maximum amount allowed by law – 33%. The study looked at cases in New York City, because a law in the city requires lawyers to disclose data about contingent fee settlements. Fewer than 1% of contingent fee cases actually go to trial, according to the study.
INDIVIDUALS TURNING MORE PESSIMISTIC ABOUT THEIR FINANCIAL SITUATION
- Slightly more individuals expect not to be able to make their debt payments a year from now, according to data released yesterday by the Federal Reserve Board of New York. The number of people who say they will not be able to make a debt payment a year from now – 12.17% in July, was up from 12.03% in June, but down from 14.06% a year ago. Fewer people also expect their financial situation to be “much better off” or “somewhat better off” a year from now.
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The Daily Digest is sponsored by TCN, a leading provider of cloud-based call center technology for enterprises, contact centers, BPOs, and collection agencies worldwide.
