Medical Malpractice Contingency Fee Schedule Needs Amendment
Judiciary Law section 474-a, as amended effective July 1, 1985 sets forth a contingency fee schedule and provision for application for increased fee in extraordinary circumstances. In practice, the fee schedule creates inherent conflict, is unfair and deprives many victims of malpractice the opportunity to hire competent counsel. Applications for enhanced fees are rarely granted. The proposed Amendment set forth in NYAB 7448 provides much needed changes to the Statute.
July 19, 2024 at 10:00 AM
21 minute read
Pursuant to major legislative reforms addressing an alleged crisis in rising medical malpractice premiums and health care costs, Judiciary Law section 474-a was amended effective July 1,1985 substantially reducing contingency fees allowable in medical malpractice cases. NY CLS Jud §474-a. The statute, previously allowing a 1/3 contingency fee retainer on the net sum recovered after deduction for chargeable disbursements was reduced to not exceed the following schedule:
"30 percent of the first $250,000 of the sum recovered; 25 percent of the next $250,000 of the sum recovered; 20 percent of the next $500,000 of the sum recovered; 15 percent of the next $250,000 of the sum recovered; 10 percent of any amount over $1,250,000 of the sum recovered." (also to be calculated on the net sum recovered after deduction for chargeable disbursements).
A new subsection 4 was added to the statute providing:
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