Prospect Capital Corp (PSEC)

[jugs]

In principle I have to agree. Unfortunately, I've known some lawyers who struck me as a bit under-principled. So when you say:

Attorneys fees should be based on a pertcentage of the total amount recovered regardless of what they have to do to resolve it.

I hope you realize that attorneys MOST DEFINITELY DO operate on that basis in class actions! Typically they will get as much as 50% of the final tally in addition to reimbursement of costs of the discovery process along the way. However, in their defense it should be noted here that they front all the expenses. And bear in mind that the courtroom knows no friends---the lawyers are going up against other lawyers, also trained and experienced and prepared to fight for their clients and their personal dignity.

The key word here is "contingency." It is the term applying to litigation calling for a sharing of assets gained as a result of a legal action. Typically, medical malpractice and many civil suits are pursued on a contingency basis. Were it not for this fact alone, many citizens would be unable to pursue a path of restitution. Not many can afford $350-$400 per hour, a price commonly charged by lawyers.

Dragging things out will not necessarily result in a fatter award for anybody. And out-of-court settlements tend to prevail.

All in my opinion, of course.