Are there any special rules concerning attorney fees in securities arbitration?

Yes, there are special rules concerning attorney fees in securities arbitration in Washington. Generally, an attorney representing a claimant may not charge a contingent fee for arbitration proceedings in Washington unless the client provides written consent. This means the attorney is not permitted to charge a percentage of the recovery obtained through arbitration as their fee. However, an attorney may still be entitled to a reasonable fee in securities arbitration. The fee can be based on a variety of factors such as the complexity of the arbitration and the attorney’s experience and skills, and can take into account the amount of money the claimant is seeking to recover in the arbitration. The professional codes of conduct for attorneys in the state of Washington also require that attorneys provide reasonable billing statements to their clients. This includes an itemized breakdown of all the services they provided during the arbitration process, the rate at which they were charged, and any other costs associated with the arbitration. It is important to note that attorneys in Washington are subject to ethical restrictions when it comes to setting and negotiating attorney fees. The state bar association prohibits attorneys from using high pressure tactics to convince a client to pay more than what is reasonable for their services.

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