The Colorado Chamber this week supported two new statewide ballot measures filed with the Colorado Legislative Council bringing common sense reforms to the state’s legal climate. The initiatives protect Coloradans against inflated fees and hidden expenses from plaintiff attorneys.
The first initiative caps contingency fees in cases of personal injury and wrongful death at no more than 25%. Contingency fees are based on a percentage, set by lawyers, of the money damages awarded to the client. This cap guarantees that most of the money awarded in verdicts goes directly to the clients. The second initiative ensures transparency in billing, requiring lawyers to provide a written estimate of fees at the outset of an engagement so clients are not surprised to be billed for these items after a favorable verdict.
The Colorado Chamber is part of a broad coalition through Coloradans Protecting Patients Access supporting these ballot measures. Chamber President and CEO Loren Furman and Beverly Razon, Senior Vice President at COPIC, both served as designated representatives for the initiatives due to their impact on the broader businesses community and medical industry.
Colorado’s legal climate has been deteriorating, making it more and more difficult to do business here. The state is currently ranked 21st for our litigation environment, which is down from 16th in 2016 and ninth in 2008. The Colorado Chamber is focused on reversing this trajectory and restoring our economic competitiveness through our newly formed Legal Reform Alliance.
The Chamber believes these initiatives will help Colorado stay competitive, provide long-overdue transparency, and reign in exorbitant contingency fees that encourage frivolous, costly lawsuits.