Cite as 351 Ark. 31 (2002)
based on hours worked as possible methods for awarding attorneys' fees. See id.
On remand, the trial court ultimately awarded attorneys' fees to Lake View counsel in the amount of $9,338,035.00. In making its award the trial court used a $130 million economic benefit, which it stated the parties had agreed to, as the starting point for calculating fees. The court next examined whether a percentage of that economic benefit or "some other approach" was appropriate in this case. The court noted: "One purpose of the percentage method is to encourage early settlement by not penalizing efficient counsel and ensuring that competent counsel continue to be willing to undertake risky, complex, and novel litigation." The court observed that this litigation had been "long and arduous" and that the issues involved were novel and difficult. The court further observed that the Lake View counsel were placed "at a very high risk because of the time and effort involved and the uncertainty of success. . . ." The court pointed to the 1995 and 1997 legislation as well as Amendment 74 and "a common fund of $130,000,000" as the results of the attorneys' efforts.
The trial court then cited other common-fund cases where a percentage of the fund had been awarded as attorneys' fees. The cases cited were all class-action cases involving either a business or municipal corporation, or an illegal-exaction issue. The trial court stated that Lake View counsel requested a fee of twenty-five percent of the "common fund" and that expert witnesses had testified that contingent fees "are normally 33 1/3% and even 40% in extremely difficult cases."
Based on the expert witnesses, affidavits, the contingent nature of the case, and the factors for awarding attorneys' fees set out in Chrisco v. Sun Indus., Inc., 304 Ark. 227, 800 S.W.2d 717 (1990), the trial court awarded the following attorneys' fees:
Liability Phase: period prior to February 1998:
award: $8,500,000.00
calculation: 6.5% of $130,000,000.00, or, alternatively, 15,000 hours (supported by Lake View affidavit) × $150.00 per hour (supported by expert testi-
