These law firms generated $23,000,000,000 in value for their client and are asking for $80,000,000 in compensation. That is a paltry amount of compensation compared to the value they generated. It’s also in line with every other law firm which typically take 0.5% - 1% of the value they generate in cases over $1billion. If these law firms didn’t get involved, their clients would be getting $0. Their work was worth it.
I’m sure people don’t like seeing the giant payouts, but my understanding is the legal field is really unique in that regard. Taking on a client and spending thousands of hours on a job with the risk that you may not win the case, or that the judge may award a lot less than you’re hoping for? I really can’t think of any other industry that compares to that, except maybe something like R&D/Product Development.
Even with R&D though, your final product price is usually market controlled and you’re gambling on units sold.
These law firms generated $23,000,000,000 in value for their client and are asking for $80,000,000 in compensation. That is a paltry amount of compensation compared to the value they generated. It’s also in line with every other law firm which typically take 0.5% - 1% of the value they generate in cases over $1billion. If these law firms didn’t get involved, their clients would be getting $0. Their work was worth it.
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What’s your issue with lawyers? And the particular issue of them charging for specialized labour that got their clients BILLIONS in compensation.
Everyone hates on lawyers, until they need one…
I’m sure people don’t like seeing the giant payouts, but my understanding is the legal field is really unique in that regard. Taking on a client and spending thousands of hours on a job with the risk that you may not win the case, or that the judge may award a lot less than you’re hoping for? I really can’t think of any other industry that compares to that, except maybe something like R&D/Product Development.
Even with R&D though, your final product price is usually market controlled and you’re gambling on units sold.