Point of Law kindly pointed last Friday to a new academic paper on Blawgletter's favorite subject -- contingent fees. We haven't digested the study yet. But in the next day or two we expect to give our take on the researchers' findings, including their rejection of traditional "rational choice theory" in favor of "prospect theory" as the better explainer of real-world choices between contingent fee arrangements and hourly ones.
Meanwhile, enjoy the paper itself. And prepare for questions -- as well as answers!