SUBJECT/RECOMMENDATION:
Title
Approve a new agreement between the City of Clearwater and the law firm of Klausner Kaufman Jensen and Levinson, to serve as outside counsel to the Pension Trustees and the Pension Advisory Committee (PAC), and authorize the appropriate officials to execute same.
Body
SUMMARY:
The law firm of Klausner Kaufman Jensen & Levinson (previously Klausner & Kaufman, P.A.) has served as outside counsel to the Trustees and PAC since 2003. The hourly rate was initially $250 per hour and increased to $300 per hour in May 2008. At this time Klausner Kaufman Jensen & Levinson is requesting a rate increase to $350 per hour, to be effective January 1, 2018.
A total of $62,428 in fees was paid to the firm during fiscal year 2017.
The service provided as outside counsel for the pension plan has been exceptional and staff recommends approval of the new agreement at the rate of $350 per hour.
APPROPRIATION CODE AND AMOUNT:
Budgeted funds are available in 0646-07410-530100-585-000-0000 to fund the increase.