Kent Conrad: “I understand the strong feeling that we want to limit lawyers' fees. I don't think there is a Member of this body that…”

“I understand the strong feeling that we want to limit lawyers' fees. I don't think there is a Member of this body that isn't concerned about seeing lawyers get windfall results for themselves as a result of this litigation. We have in the McCain legislation, the bill that came out of the Commerce Committee on a 19-to-1 vote, a strong bipartisan vote, a means of addressing that problem. What is in the bill is a provision for arbitration panels to determine what are the appropriate legal fees. I think probably that is the best answer, as imperfect as it is. The problem with the our taking action is, What action do you take? I think Senator Gorton has probably the best chance of prevailing. But it has problems. I think his is probably the most thoughtful provision before us. But I say to my colleague from Washington, I think there are real problems with what he has proposed. Under Senator Gorton's proposal, fees would be limited to $4,000 an hour for actions filed before 12-31 of 1994. The problem is that may be way too much. It is even conceivable in certain circumstances that it is too little, but I think it is more likely that it is too much.”