House Bill 7071 and Florida Senate Bill 914 provides that for certain attorney fees awarded for claims arising under property insurance policies, a strong presumption is created that a lodestar fee is sufficient and reasonable, providing that such presumption may be rebutted only under certain circumstances.
A “lodestar fee” is the amount of attorney’s fees calculated by an attorney’s reasonable hourly rate and the amount of reasonable hours spent by the attorney. This bill may allow for a contingency fee multiplier to be applied to increase the fees ultimately awarded only when certain factors are present.
On March 5, 2020, the House approved the Bill. It is now pending before the Senate. If the Bill passes, it will become effective on July 1, 2020. Kubicki Draper is monitoring the Bill’s progress and will update you on important developments.
