(1) In determining the amount of an attorney fee award, the court shall exercise its sound discretion. When granting an award of attorney fees, the court shall specifically set forth the reasons for said award and shall consider the following factors, among others, in determining whether to assess attorney fees and the amount of attorney fees to be assessed against any offending attorney or party:
The extent of any effort made to determine the validity of any action or claim beforesaid action or claim was asserted;
The extent of any effort made after the commencement of an action to reduce thenumber of claims or defenses being asserted or to dismiss claims or defenses found not to be valid within an action;
The availability of facts to assist a party in determining the validity of a claim ordefense;
The relative financial positions of the parties involved;
Whether or not the action was prosecuted or defended, in whole or in part, in badfaith;
Whether or not issues of fact determinative of the validity of a party's claim or defense were reasonably in conflict;
The extent to which the party prevailed with respect to the amount of and number ofclaims in controversy;
The amount and conditions of any offer of judgment or settlement as related to theamount and conditions of the ultimate relief granted by the court.
Source: L. 77: Entire article added, p. 797, § 2, effective July 1. L. 84: Entire section R&RE, p. 461, § 3, effective July 1.