- 7 -
To be approved under New York law, requested attorney's fees
must be reasonable. In re Potts' Estate, 209 N.Y.S. 655, 657
(App. Div.), affd. 150 N.E. 568 (N.Y. 1925). The New York Court
of Appeals has enumerated the following factors to be considered
in determining whether attorney's fees are reasonable: (1) The
time and labor required; (2) the difficulty of the questions
involved, and the skill required to handle the problems
presented; (3) the lawyer's experience, ability, and reputation;
(4) the amount involved and benefit resulting to the client from
the services; (5) the customary fee charged by attorneys in the
community for similar services; (6) the contingency or certainty
of compensation; (7) the results obtained; and (8) the
responsibility involved. In re Estate of Freeman, 311 N.E.2d
480, 484 (N.Y. 1974).
After analyzing each of the Freeman factors, we conclude
that the $368,100 in attorney's fees is reasonable under New York
law. First, the fees received by HBW were consistent with
reasonable customary fees for similar services. Petitioner
presented sufficient evidence to establish that in Monroe County
attorneys customarily receive fees equal to one executor's
commission for representing an estate. The Monroe County
Surrogate's Court awarded HBW fees equal to approximately one
executor's commission. In addition, the $368,100 fee was equal
to 2.09 percent of the gross estate. New York courts have held
that a fee award equal to 3 percent of the gross estate is
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 Next
Last modified: May 25, 2011