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Leading litigator David Boies, renowned for his legal prowess, has escalated his hourly billing rate to an astonishing $2,110. This decision comes to light as his law firm, Boies Schiller Flexner, presents this updated rate to a judge tasked with determining attorney fees in an ongoing class action lawsuit. The lawsuit revolves around victims of the late financier Jeffrey Epstein, who are taking legal action against Deutsche Bank (DBKGn.DE).
Elevated Billing Rates Revealed
In a recent development, the hourly billing rates of David Boies and other legal practitioners have been unveiled through a fee petition filed by Boies Schiller Flexner in the Manhattan federal court. This petition is an integral component of the ongoing class action lawsuit by Epstein’s victims. The plaintiffs’ legal team seeks approval for a substantial $22.5 million fee award, equating to 30% of the $75 million settlement granted preliminary approval in June.
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David Boies: A Legal Luminary
The revelation of David Boies’ hourly rate places him firmly within an exclusive echelon of attorneys who command fees surpassing the $2,000 per hour threshold. Remarkably, this rate signifies a notable increase compared to the $1,950 hourly rate Boies disclosed last year while representing plaintiffs in a federal privacy lawsuit against Alphabet Inc.’s Google. It is customary for law firms to adjust their billing rates on an annual basis incrementally.
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Deutsche Bank Lawsuit
The Deutsche Bank lawsuit, spearheaded by an individual identified as Jane Doe 1 and represented by David Boies, centers on allegations of sexual abuse by Epstein from 2003 to 2018. In her pursuit of justice, Jane Doe 1 has accused Deutsche Bank of failing to identify red flags regarding Epstein’s misconduct. The bank vehemently denies these allegations.
JPMorgan Chase Settlement
In June, JPMorgan Chase agreed to a settlement of approximately $290 million in a parallel class action lawsuit, also filed by Epstein’s victims and represented by Boies and his team. Notably, the fee petition for this case is scheduled for submission by October 5, with the possibility of fees amounting to 30%, totaling $87 million.
Rising Hourly Rates
Over the past decade, hourly lawyer rates reaching the $2,000 mark were virtually unheard of. However, in recent times, there has been a steady upward trajectory in billing rates, particularly for attorneys of elite stature. This trend underscores the increasing demand for legal expertise.
Notable Precedents
An intriguing precedent was set last year when the U.S. objected to a $2,465 hourly rate charged by Neal Katyal, an appellate veteran at Hogan Lovells, during a high-stakes bankruptcy case involving a subsidiary of Johnson & Johnson. Furthermore, Covington & Burling, in a filing last year, disclosed that the top rate for senior partners at their firm stood at a remarkable $2,500 per hour.
David Boies: A Litigation Powerhouse
David Boies co-founded Boies Schiller Flexner in 1997, a year that also saw him engaged by the U.S. government in a pivotal antitrust battle against Microsoft Corp. This landmark case solidified the firm’s reputation as a litigation powerhouse. Boies continued to make history by representing Vice President Al Gore in the highly consequential U.S. Supreme Court battle over the 2000 presidential election recount.
Recent Controversies
In recent times, David Boies faced scrutiny for his involvement in legal matters related to Harvey Weinstein, the former Hollywood producer convicted of rape in 2020, and the ill-fated blood-testing startup Theranos. These high-profile cases generated significant attention and commentary within the legal community.
In conclusion, David Boies’ decision to raise his hourly billing rate to $2,110 is a testament to his standing as one of the legal profession’s most prominent figures. This development also reflects the evolving landscape of attorney billing rates, with elite lawyers commanding increasingly substantial fees.
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