McHenry Savings Bank v. Autoworks of Wauconda 

Defendant defaulted on promissory note and Plaintiff sued to collect amount due. After arbitration and bench trial, court entered judgment for Plaintiff and against all Defendants in varying amounts; Plaintiff appealed, arguing that court misinterpreted terms of note and one guaranty, thus reducing amount of attorneys fees to which entitled; and claimed error in summary reduction of attorney's fees. Trial court incorrectly interpreted terms of note and guaranty, and should have awarded all fees reasonably incurred in collecting on note and enforcing guaranty as to any and all guarantors. Fees spent preparing for trial as to party who rejected arbitration award should not have been disallowed. Trial court properly reduced attorney's fees awarded, when it applied its own knowledge and experience of time necessary to prepare and try a case, but should have awarded for time spent considering whether to pursue summary judgment.