Banks are clamping down on litigation fees as they move to cope in the face of spiralling claims against financial institutions.
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https://www.law.com/international-edition/2009/02/12/banks-push-for-alternative-billing-as-claims-rise/
Banks push for alternative billing as claims rise
Banks are clamping down on litigation fees as they move to cope in the face of spiralling claims against financial institutions. Top City firms are reporting growing numbers of banks pushing for alternative billing methods for litigation cases, with Barclays and Royal Bank of Scotland as well as a number of US investment banks understood to be among those increasing pressure on fees. Some banks facing bulk claims in response to failed finance deals are pushing for alternatives such as fixed rates per case, while others are trying to secure discounts on traditional hourly billing models that would see hourly rates reduce the longer the case progresses.
February 12, 2009 at 12:58 AM
1 minute read
The original version of this story was published on Legalweek
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