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Contract analysis / final-fee-reconciliation-retainer-return.docx
final-fee-reconciliation-retainer-return.docx
1014-00003 · 16 clauses
High · 0 Medium · 2 Standard · 10
1. Summary of Fee Arrangement Standard
⚑ Commercial term
1. Summary of Fee Arrangement For ease of reference, the following recapitulates the fee arrangement as set forth in Section 3 of the Engagement Letter dated May 12, 2022. Calderwood & Harkness agreed to represent OWS in connection with the assertion of OWS's patent infringement claims against Lumos Photonics, Inc. ("Lumos Photonics") on a blended hourly rate basis, subject to a ten percent (10%) volume discount appl
2. Engagement Period
2. Engagement Period The key dates relevant to the engagement period are summarized as follows: • Engagement Commencement: May 12, 2022 (date of execution of the Engagement Letter) • Complaint Filed: June 3, 2022 (Complaint for Patent Infringement filed in the United States District Court for the Northern District of California, Case No. 5:22-cv-03417-EJD) • Matter Opened at C&H: June 3, 2022 (assigned Matter No. 101
3. Total Professional Fees Billed Medium
⚑ Liability cap to check against exposure
3. Total Professional Fees Billed Over the full life of Matter No. 1014-00003, Calderwood & Harkness billed total professional fees in the aggregate amount of $1,847,312.00. All fees reflect the application of the 10% volume discount to the standard hourly rates set forth in the Engagement Letter, as described in Section 1 above. No premium, success, or contingency fees were assessed at any point during the engagemen
4. Total Costs and Disbursements Standard
⚑ Commercial term
4. Total Costs and Disbursements Total costs and disbursements incurred and passed through to OWS over the life of the matter amounted to $289,456.00. These costs were incurred on behalf of OWS in the ordinary course of the litigation and were billed in accordance with the cost pass-through provisions set forth in Section 4 of the Engagement Letter. The principal categories of costs and disbursements are summarized b
5. Expert Fees Standard
⚑ Commercial term
5. Expert Fees Total expert fees incurred through the close of the matter amounted to $412,800.00. Two expert consulting firms were retained by Calderwood & Harkness on behalf of OWS during the course of this litigation, as follows: Dr. Harold Whitfield — Whitfield Technical Consulting Group, Inc. (Palo Alto, California) Dr. Whitfield was retained in August 2022 to serve as OWS's technical expert. His engagement enco
6. Grand Total Litigation Spend Standard
⚑ Commercial term
6. Grand Total Litigation Spend The following table provides a summary reconciliation of the total litigation expenditures incurred on Matter No. 1014-00003 over the full course of the engagement: As you will recall, the OWS Board of Directors approved a total litigation budget of $4,200,000.00 for this matter, which was intended to cover all fees, costs, and expenses through a jury trial in the Northern District of
7. Retainer Account Reconciliation Standard
⚑ Commercial term
7. Retainer Account Reconciliation Pursuant to Section 5 of the Engagement Letter, OWS deposited funds into Calderwood & Harkness's client trust account on a quarterly basis to maintain the $100,000 evergreen retainer. The following table sets forth the retainer deposits received from OWS over the course of the engagement: All retainer funds were held in Calderwood & Harkness's Interest on Lawyers' Trust Account ("IO
8. Fees Collected via Monthly Invoices Standard
⚑ Commercial term
8. Fees Collected via Monthly Invoices The total professional fees collected via monthly invoices issued during the course of the engagement — that is, fees paid by OWS outside of and in addition to retainer applications — amounted to $1,509,800.00. This figure is calculated as follows: Total Professional Fees Billed: $1,847,312.00 Less: Net Retainer Applied Against Fees: ($337,512.00) Fees Collected via Monthly Invo
9. Enclosures
9. Enclosures The following documents are enclosed with this letter for your records:
1. Final Invoice — Calderwood & Harkness LLP Invoice for Matter No. 1014-00003, covering Standard
⚑ Commercial term
1. Final Invoice — Calderwood & Harkness LLP Invoice for Matter No. 1014-00003, covering the final billing period through the matter close date of April 18, 2023. The final invoice reflects the remaining professional fees, costs, and disbursements incurred during the final billing period, including time expended on settlement documentation, the stipulation of dismissal, and matter closing activities.
2. Trust Account Check — Check No. 100847 in the amount of Sixty-Two Thousand Four Hundre Standard
⚑ Commercial term
2. Trust Account Check — Check No. 100847 in the amount of Sixty-Two Thousand Four Hundred Eighty-Eight Dollars ($62,488.00), payable to Optiwave Semiconductor Corp., representing the return of the unused retainer balance from Calderwood & Harkness LLP's Client Trust Account at First Pacific Commerce Bank, N.A.
3. Consolidated Itemized Fee Summary — A comprehensive fee summary organized by timekeepe Standard
⚑ Commercial term
3. Consolidated Itemized Fee Summary — A comprehensive fee summary organized by timekeeper and billing period for the full life of the matter (May 2022 through April 2023). This document provides a detailed breakdown of hours billed and fees charged by each timekeeper during each monthly billing period, as well as a summary of costs, disbursements, and expert fees by category and period. Please review the enclosed ma
10. File Retention and Records Medium
⚑ Confidentiality undertaking
10. File Retention and Records Calderwood & Harkness will retain the matter file for Matter No. 1014-00003 in accordance with the Firm's Document Retention Policy, as referenced in the Matter Closing Memorandum dated April 18, 2023, which was circulated internally upon the closing of the matter. Under the Firm's policy, closed matter files are retained in secure storage for a period of ten (10) years from the date of
1. Final Invoice — Matter No. 1014-00003
1. Final Invoice — Matter No. 1014-00003
2. Trust Account Check No. 100847 — $62,488.00
2. Trust Account Check No. 100847 — $62,488.00
3. Consolidated Itemized Fee Summary (May 2022 – April 2023) Standard
⚑ Commercial term
3. Consolidated Itemized Fee Summary (May 2022 – April 2023) Timekeeper | Role | Standard Rate (2022) | Effective Rate (after 10% discount) Alan Ngo | Responsible Partner | $1,150/hr | $1,035.00/hr Marcus Delgado | Billing Partner | $1,050/hr | $945.00/hr Omar Siddiqui | Senior Associate | $785/hr | $706.50/hr Christy Bauer | Associate | $625/hr | $562.50/hr Timekeeper | Role | Total Fees Billed Alan Ngo | Responsibl