It must have been a very old file. The percentage fee arrangement in real estate has been obsolete for many years. It was used in a time when housing prices were drastically lower than they are today. I remember a law professor discussing it in the early l980's with respect to the Chicago area. It was obsolete even then.

The Rules of Ethics limit an attorney's fee to a reasonable amount. In this area that may run between $200.00 and $500.00 per hour for an hourly rate, and would depend upon the the following...

        1.     Time and labor involved and the novelty and difficulty of the question involved as well as the skill required to perform the legal service properly.

        2.     The likelihood that the acceptance of the case would preclude a lawyer from accepting other employment.

        3.     The fee customarily charged in the area for for similar legal services.

        4.     The amount involved and the results obtained.

        5.     Time limitations imposed by the client or circumstances of the matter.

        6.     The nature and length of the professional relationship with the client.

        7.     The experience, reputation and ability of the lawyer or lawyers performing the services.