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9 thoughts on “Interest on costs”
and yet a certain firm still keeps pleading Hurst in Motto in county court cases
Question – Why do solicitors automatically take the 8% interest for themselves. Why do unpaid disbursements not attract interest on their own invoices and the invoice is shared between solicitors, engineers, medical experts and non qualified cost draftsman.
I would be interested to other peoples views…
terms and conditions – the dibs are costs. therefore sols can claim interest
the experts terms etc generally dont provide for interest. if they push the point I am sure they would lose instructions. Lets be fair, irrespective of DA outcomes they insist on full payment
abcde @ 8.22 am – would this be the same firm that suggested to me in points of dispute that travelling time should be at two-thirds of the charging rate ? I know that I am getting on a bit, but I thought that I had gone back in time to pre-CPR. My wife would have been pleased as I weighed a lot less then…………..
Actually the costs are the client’s, in theory interest is therefore the client’s unless provided for otherwise in retainer.
Between businesses there does not have to be a term that interest will be added if an invoice remains unpaid. After 30 days 8% plus base rate can be added together with a penalty of £40 for every invoice to cover your accounting charges. Obviously the client will go elsewhere. In my case it worked even down to the 5 £10 invoices
Agree with Anonymous.
Also, interesting that the standard Law Society CFA doesn’t actually give the Claimant an express liability for interest… doesn’t that make recovery of interest a breach of the indemnity principle?
If the Treasury has still not sorted this out post Motto and the court has no power to vary interest in the county court, does this lack of power equally apply to the court’s powers to limit interest for delay under CPR r.47.8 and r.47.14?
It has not stopped Costs Judges reducing interest in practice but the receiving party have never raised the point so far.
The boys at compass law (quindell) won’t be bothered either way. They sold company for 17p a share and got 80 million shares in quindell. Now check quindell share price!!! There are 5 very happy directors at compass law right now!!!