In accordance with the Solicitors Accounts Rules 2019, it is the firm’s policy to account to its clients on a fair and reasonable basis for both the client and the firm.
All client monies is paid into the Firm’s client account currently held with Natwest Bank.
They are held in an instant access account to facilitate transactions.
1. If we hold money in a general client account on your behalf, or if money should have been held on your behalf but was not, then we will account to you for a sum in lieu of interest (gross) calculated as below.
2. If we hold money in a separate designated client account on your behalf, for example where the sum held is large, we will account to you for the interest earned on that account in accordance with the below rates. The management separately of such funds may incur time or third party costs in dealing for which the Firm reserves the right to charge.
3. We will not account to you for any interest in the following situations:
a. if the amount calculated is £20 or less;
b. on money held for the payment of a professional disbursement if the person to whom the money is owed has requested a delay in settlement;
c. on an advance from us into our general client account to fund a payment on your behalf in excess of funds already held for you in that account;
d. if there is an agreement to contract out of the provisions of this policy.
e. if the sum of money held is not exceeding the amount shown in the left column for a time not exceeding the period indicated in the right column.
AMOUNT TIME
£1,000 8 weeks
£2,000 4 weeks
£10,000 2 weeks
£20,000 1 week
4. If we hold sums of money intermittently on your behalf, in our general client account, during the course of acting on a matter, and the sum in lieu of interest calculated for any single period is £20 or less, we will account to you for the interest at the below rates as exceeds £20. Below that sum we consider that the administrative costs of dealing with the funds would exceed the interest due.
5. If money is held for a continuous period, and for part of that period it is held in a separate designated client account, we will account to you for a sum in lieu of interest for the rest of the period when the money was held in a general client account in accordance with the below rates in so far as it exceeds £20.
6. We will usually calculate and pay interest once your matter has been concluded unless interim payments are appropriate (for example in long running trust matters).
7. We will review the interest rates intermittently on the basis of the interest received on the client account held.
Interest Rates
Rate used on balances
1-July -20 0.01%
