SB418 Summary: Transparency in Private Attorney Contracts Act

• Requires state agencies to make a written determination that contingency fee representation is cost-effective and in the public interest before entering into contingency fee contracts with private attorneys, including specific findings on available resources, case complexity, geography, and attorney experience.

• Establishes a tiered contingency fee cap with maximum rates of 25% on recoveries up to $10 million, declining to 1% on recoveries exceeding $50 million.

• Mandates that state government attorneys retain complete control over litigation, supervisory involvement, veto power over outside counsel decisions, and exclusive authority over settlement decisions throughout the contract period.

• Requires private attorneys to maintain detailed financial records for at least four years after contract expiration and to track work hours in 1/10-hour increments, with records available for state inspection.

• Directs the Attorney General to develop a standard contract addendum for all contingency fee agreements and requires posting of executed contracts and written determinations online through the state transparency portal.