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HOURLY WAGE AND CONTINGENT FEE CONTRACTS WITH RISK
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analysis assumption attorney effort attorney input attorney is risk-neutral attorney wage rates attorney's fee attorney's share attorneys compete award with respect ceilings competition conclusion constraint contingent fee contract contingent fee percentage CONTRACT WITH RISK DB&B effect of plaintiff exceeds expected award expected fee expected gross recovery expected net recovery expected recovery expected utility fee arrangements filing gent fee higher hire an attorney hourly basis hourly fee hourly wage contract implies increase judicial production function legal services less lower malpractice claims marginal utility market for legal medical malpractice Model NAIC number of hours opportunity cost optimum outcome pA,L pA(L payoff personal injury plaintiff risk aversion plaintiff win rates probability of winning realized net recovery reduce the number respect to attorney risk neutrality risk of zero risk-averse plaintiff Schwartz and Mitchell settlement offer suit tiff tingent fee tion trial type of contract utility function wage and contingent zero return