MO HB720

Requires the attorney general to make a written determination that contingency fee contracts with private attorneys are cost-effective and in the public interest before entering such contracts, with specific findings on office resources, case complexity, geography, and attorney experience.

Caps contingency fees on a tiered structure: 25% on recoveries up to $10 million, declining to 5% on amounts exceeding $25 million, with an aggregate cap of $50 million exclusive of costs and expenses.

Mandates government attorney control over litigation, including retaining veto power over outside counsel decisions, requiring supervisory attorney involvement, and reserving settlement decisions exclusively to state attorneys.

Requires contracts to include a standard addendum, posting of executed contracts and determinations on the attorney general's website within five business days, and posting of contingency fee payments within 15 days.

Obligates private attorneys to maintain detailed financial and time records for at least four years after contract expiration and requires the attorney general to submit annual reports to the legislature on all contingency fee contracts.