Legislation
- If passed, the maximum fee a court may award will be determined by the “lodestar method.” The lodestar method considers the number of hours reasonably spent by an attorney at a reasonable hourly rate.
- SB 914 also prohibits the court from considering contingency risk or using a contingency risk multiplier, a common tactic used by attorneys to collect higher fees.
- SB 914 filed by Sen. Jeff Brandes this session, can bring homeowners property insurance rates down by cutting back on excessive attorney fees.
- SB 914 will put an end to “fee multipliers.” The proposed legislation requires that attorney fees for claims involving property insurance must be fair and reasonable.
- HB 7071 is the Florida House companion bill to SB 914.
- HB 7071 also limits the use of a contingency risk multiplier to rare and exceptional circumstances.
- HB 7071 filed by Rep. Mike Beltran this session, creates the strong presumption that for certain attorney fees awarded for claims arising under property insurance policies, the lodestar fee is sufficient & reasonable.