In accordance with the Solicitors Accounts Rules it is this firm’s policy to account to its clients for a sum in lieu of interest on a fair and reasonable basis where the firm holds money in a general client account on behalf of a client to which it is providing legal services.
In particular the following points may be of interest to our clients:
- Client monies are usually held in a general client bank account in which amounts for different matters and for different clients are pooled.
- This firm does not pay the full rate of interest which it earns on general clients funds to clients as this in an enhanced rate the firm receives by holding large levels of aggregated client funds.
- In normal circumstances if the total amount of interest amounts to less than £20 no interest will be paid.
- The calculation of interest due to a client on any particular matter accrues once the funds received are treated as cleared funds by our bank and is then calculated on a daily compounded basis.
- Clients have the right to make alternative arrangements for the holding of their funds during the course of a transaction.
- Clients may also request their funds are held in a separate designated client deposit account in which case interest earned on such an account will be paid to the client in full.
- Where the client makes alternative arrangements for the holding of their funds or requests funds are held in a separate designated client deposit account the firm reserves the right to charge at our usual fee earner rates for any work carried out or third party costs incurred in implementing the clients requests.
- The rate of interest paid fluctuates according to the rate of interest that the firm can secure from time to time from its principal bankers.