Question: 4. Lawyers working on contingencies must determine whether a case is worth taking or not. Assume that: The contingency is 50% of the award The

4. Lawyers working on contingencies must determine whether a case is worth taking or not. Assume that: The contingency is 50% of the award The lawyers opportunity of taking the case is $5000 P = probability of winning the case J = the judgement/award i. How will the lawyer decide whether to take on this case or not ii. Explain the concept of a tipping point. iii. What is the tipping point for a judgement amount if the probability of winning is 40%? iv. What is the tipping point of probability if the award is $10,000?

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