This chapter tracks the growth and development of the mimic-the-market approach in setting attorneys’ fees in securities class actions. This approach calls for judges to assess what the market would have paid for the lawyer’s services, rather than the more traditional lodestar calculation. An idea that the author himself advocated early on, the mimic-the-market approach to setting fees has gained traction in many jurisdictions across the United States, notably in the Second, Third, and Seventh Circuit Courts of Appeal, and in several district courts. The author points out that following the mimic-the-market approach requires a measure of judicial courage, because it sometimes results in the award of very large fees. The author also revisits his own prediction that judges would begin to set fees at the outset of cases, and discusses why he believes that prediction has not been realized.
Ronen Avraham, David A. Hyman and Charles M. Silver
Ronen Avraham, David Hyman and Charles Silver, leading authorities in their fields, discuss the effects of economic and legal constraints and regulation on healthcare. They examine the impact of access to healthcare on mortality and clinical outcomes and investigate healthcare financing, including payment to providers, expanding costs, health insurance and the provision of long-term care. The distribution of spending and the expansion of provision are also investigated. The regulatory aspect includes discussions on the regulation of healthcare practice, medical malpractice and liability, and public health and ethical issues.