header-logo header-logo

The costs conundrum (4)

10 August 2012 / William Gibson
Issue: 7526 / Categories: Features , Costs
printer mail-detail
104707577_4

Bill Gibson puts matters of interest under the spotlight in his special NLJ series on costs

A right to interest arises in several ways and the whole subject of interest is an area of practice which can frequently cause confusion. As between solicitor and client, interest is only a real issue if the client fails to pay a bill within the time required in the terms and conditions or when client money is held on account.

Non-contentious matters
In non-contentious business (which can include potential litigation if no proceedings are issued, as well as business in many tribunals) the position is fairly straightforward. A formal non-contentious business agreement which complies with the requirements of s 57 of the Solicitors Act 1974 (SA 1974), signed by both the solicitor and the client, and which includes specific provisions for interest will leave a client with no cause for complaint if late payment of the bill costs him extra. The rate of interest should be

If you are not a subscriber, subscribe now to read this content
If you are already a subscriber sign in
...or Register for two weeks' free access to subscriber content

MOVERS & SHAKERS

DWF—19 appointments

DWF—19 appointments

Belfast team bolstered by three senior hires and 16 further appointments

Cadwalader—Andro Atlaga

Cadwalader—Andro Atlaga

Firm strengthens leveraged finance team with London partner hire

Knights—Ella Dodgson & Rebecca Laffan

Knights—Ella Dodgson & Rebecca Laffan

Double hire marks launch of family team in Leeds

NEWS
Charles Pigott of Mills & Reeve reports on Haynes v Thomson, the first judicial application of the Supreme Court’s For Women Scotland ruling in a discrimination claim, in this week's NLJ
Charlie Mercer and Astrid Gillam of Stewarts crunch the numbers on civil fraud claims in the English courts, in this week's NLJ. New data shows civil fraud claims rising steadily since 2014, with the King’s Bench Division overtaking the Commercial Court as the forum of choice for lower-value disputes
The Supreme Court issued a landmark judgment in July that overturned the convictions of Tom Hayes and Carlo Palombo, once poster boys of the Libor and Euribor scandal. In NLJ this week, Neil Swift of Peters & Peters considers what the ruling means for financial law enforcement
Small law firms want to embrace technology but feel lost in a maze of jargon, costs and compliance fears, writes Aisling O’Connell of the Solicitors Regulation Authority in this week's NLJ
Artificial intelligence may be revolutionising the law, but its misuse could wreck cases and careers, warns Clare Arthurs of Penningtons Manches Cooper in this week's NLJ
back-to-top-scroll