Most lawyers would not take the case unless it was a slam dunk. They know they are going to get millions on the pain and suffering of others going into the case.
So it would seem to me that the family could shop around for a more reasonably priced lawyer if this case was a slam dunk and pay less than your assumed 40%. But as I implied, if the lawyers lose the case, they do not get a dime. The family hired a lawyer knowing what the costs of hiring that lawyer were. The lawyer took the case, banking on a huge settlement. If it were not so, the family likely would not be able to afford a lawyer who has the skill to get this type of settlement and very likely the family wouldn't have gotten a dime.
I do not know if the settlement is just, or warranted as I did not sit in the courtroom and hear the evidence, but I am not ready to slam a lawyer because he worked on contingency and won the case.