Fees and Fees

A trial lawyer, Jerome Schlichter, filing class action lawsuits against MIT, Yale, and NYU for failing to prevent excessive fees in their retirement plans is himself working on "a contingency basis" and "typically collects up to a third of the settlement." The New York Times leaves that news for the very last paragraph of a long news article about the situation, without much context about how Mr. Schlichter's fees stack up against those of the money managers he is complaining about.