Interest Policy

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 interest calculated.

We will not account to you for any interest in the following situations: 

1. the amount calculated is £20 or less;
2. 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;
3. on money held for the Legal Services Commission;
4. 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;
5. if there is an agreement to contract out of the provisions of this policy.

If we hold monies in relation to separate matters for you, the interest will be calculated for each matter separately, unless the matters are closely related and dealt with together.

We will calculate and pay interest, if applicable, once your matter has been concluded.

In determining the period over which interest is to be calculated, we will consider the following: the period between the date when the funds received by us clear our account until the date the bill is raised and the funds are transferred electronically.

In calculating interest we will apply the rate of interest that our bank, a UK high street bank, pays on our instant access current account over the period when interest is due.   

We will review the interest rates quarterly and whenever the Bank of England changes the Bank Rate.