Class action contingency fees – how common will they be?
The Supreme Court of Victoria last week refused to allow class action contingency fees in the first decision under the new regime. Victoria is the only Australian jurisdiction so far to allow court approved contingency fees in class actions and allows plaintiff law firms to compete directly with third party funders. In refusing the group cost order, the court noted that the 25% contingency fee was not more favourable than the arrangement the plaintiffs already had in place. More from Ashurst.