Deals Taking Risks Out of Verdicts Are Popular, But Some Lawyers Avoid Them
It doesn't take long in talking to B. Casey Yim to realize that the veteran Los Angeles trial lawyer has little patience for colleagues who, he says, lack faith in the jury system.
So when opposing counsel approach him with 11th-hour offers to curb the risk of an unexpected high or low award, Yim tells them he would rather pass.
High-low agreements, which set upper and lower award limits that the parties will accept, "take away that negotiating chip from the defense and give the plaintiff a free spin at the wheel of fortune," Yim says.
But Yim's aversion to high-low agreements may be a minority view these days. Although it is difficult to track how frequently they are used, trial lawyers nevertheless report that high-lows are on the rise. Some experts go so far as to argue that revealing their use more often would improve the public's image of lawyers, making plaintiffs lawyers seem less greedy and defense lawyers more reasonable.
"I think they�re becoming more in vogue," says Chicago trial lawyer Mark E. McNabola, who has used high-low agreements for nearly 20 years.
Details here from the ABA Journal.