MS HB1201

Requires Attorney General to obtain prior written approval from the Outside Counsel Oversight Commission before filing suit or employing outside counsel when the amount sought exceeds $250,000 (inclusive of attorney's fees, interest, and costs).

Establishes the Outside Counsel Oversight Commission consisting of the Governor, Lieutenant Governor, and Secretary of State, with decisions made by majority vote.

Sets contingency fee limits for outside counsel contracts, ranging from 25% on recoveries up to $10 million down to 5% on amounts exceeding $25 million, with an aggregate cap of $50 million exclusive of costs and expenses.

Requires contingency fee contracts and written determinations to be posted on the Attorney General's website within 5 business days of execution (or within 5 days of lawsuit filing if posting would negatively affect state interests), and contingency fee payments to be posted within 15 days.

Mandates outside attorneys maintain detailed financial and time records in increments of no greater than one-tenth of an hour for at least 4 years after contract expiration, with effective date of July 1, 2015.