Question

Marcos launched a small business by inventing, patenting and commercializing a new hand tool. Big Co. has produced a cheaper knock-off version of the tool and is violating Marcos' patent. Litigating a patent will cost at minimum several hundreds of thousands of dollars, which Marcos cannot afford. In this situation, Marcos cana. a. Hire a litigator from a large law firm who will assemble a large and highly qualified team and charge hourly feesb. b. Hire a litigator from a small law firm who will charge hourly feesc. c. Hire a litigator who will agree to a contingent fee structure and require payment only if Marcos obtains a settlement or jury verdictd. d. Save the cost of hiring a lawyer by representing himself in court

Answer 1

Answer:

C) Hire a litigator who will agree to a contingent fee structure and require payment only if Marcos obtains a settlement or jury verdict.

Explanation:

Generally when lawyers agree to a contingent fee structure is because they are convinced their chances of winning are high. Lawyers will accept a fixed percentage of the amount recovered, usually this percentage is around 1/3 of the final settlement.

This type of agreement is very useful since you don't need to invest a lot of money, and the lawyer's pay comes from the money awarded by the jury (or a settlement).