Practitioners' Note by Russ M. Herman and Stephen J. Herman
This Practitioners' Note addresses the use of percentage-of-benefit fee awards in class actions and other common fund cases, with an emphasis on the status of the law in the United States Court of Appeals for the Fifth Circuit. Despite the Fifth Circuit's apparent reluctance to embrace an obvious trend, the United States Supreme Court and the Third Circuit Task Force have both concluded that percentage awards are appropriate in common fund cases. In addition, several district courts within the Fifth Circuit have made percentage awards to attorneys who successfully prosecute the interests of a class. While some may be concerned about rewarding counsel who bring class actions with percentage fees, such an approach will conserve valuable legal talents and resources for the vindication of important substantive rights, rather than the determination of appropriate fees.
About the Author
Russ M. Herman. Senior Partner, Herman, Herman, Katz & Cotlar, L.L.P., New Orleans, Louisiana. B.A. 1963, LL.B. 1966, Tulane University.
Stephen J. Herman. Associate, Herman, Herman, Katz & Cotlar, L.L.P., New Orleans, Louisiana. B.A. 1991, Dartmouth College; J.D. 1994, Tulane University School of Law.
Citation
74 Tul. L. Rev. 2033 (2000)