Gotta agree with most of the comments above.
How long outta the water? Few seconds, tops... as in single digits.
If you must get multiple shots of an exceptional fish and don't have a top-end camera with rapid-fire capability, remember to re-charge your specimen with a steady dunking while you are waiting for the first pic to upload to the card or waiting for the flash to re-charge.
Head in the water, head in the water! Lift only when the cam and cameraman are absolutely ready. ( BTW, in clear water, the head in the water shot is often more impressive than the lift/grip/grin.) Lift for 2-3 seconds (click) then recharge for 20-30 seconds or more before doing it again.
One more tip. GET IN THE WATER with your catch. Every one on this board is sportin' some kind of waders... some pretty high-falutin' ones at that. Use 'em! Getting in the water makes it MUCH easier for the cameraman to compose the hero shot (esp for all of you tall people) without having to lift the fish very far from its comfort zone. Also less likelihood of injuring the fish if you drop it.
For the guys that are afraid that the fish might get away easier if posed in deeper water, consider leaving the hook/lure/fly in the fish and passing off the rod. If you accidentally let go before capturing the shot you want, the fish is still tethered and can be easily played back to hand. I know a bunch of you are secretive about the "special" setup used to catch your fish, but I think having the goods that fooled the fish in the picture adds more character to the image.
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"Let every angler who loves to fish think what it would mean to him to find the fish were gone." (Zane Grey)
"If you don't kill them, they will spawn." (Carcassman)
The Keen Eye MDLong Live the Kings!