Kerry Underwood

INTEREST ON COSTS

with 2 comments


The cases discussed in this video log are dealt with in my written blog post –

INTEREST ON COSTS: COURTS MAKING IT UP AS THEY GO ALONG.

This video is 10 minutes long. It contains proposals for unifying and changing the law in relation to interest on costs.

The matters dealt with in this piece are examined in great detail in my three volume, 1,300 page book Personal Injury Small Claims, Portals and Fixed Costs – price £50 and available from Underwoods Solicitors here.

These principles, and the whole issue of Qualified One-Way Costs Shifting, is dealt with in my book – Qualified One-Way Costs Shifting, Section 57 and Set-Off – Available from me here for £15.

Kerry Underwood offers consultancy services in relation to this and other matters and details are here.

See my other video logs:

LEGAL SERVICES CONSUMER PANEL: SCRAP ALL THE WATCHDOGS SAYS KERRY UNDERWOOD

FOOTBALL MEETS THE LAW: PART 36 OFFERS IN FOOTBALL

LITIGANTS IN PERSON: WHY I THINK THEY SHOULD BE BANNED

Written by kerryunderwood

August 27, 2020 at 8:32 am

Posted in Uncategorized

2 Responses

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  1. As always young man a very interesting piece on interest on costs and Dibs

    2020/21 will see numerous law firms closing their doors due to financial issues

    We want our law firms to become more commercial – it’s a rare client who pays on account these days (smile) so the legal world started to use litigation funding – Typical interest rate is 18% – someone has to pay the LF bill Today it is usually the law firm from their costs. Or if it is the client on a CCA again interest rate of 18%

    As you state there should be no discussion where the client has used LF they should simply submit the evidence of the cost and be reimbursed as in every other head of claim.

    I know I am forever saying the legal world is always a generation behind (although even Mr Kerry Underwood is now broadcasting as opposed to using his quill pen!) But if interest is not addressed CLEARLY very quickly by the courts the demise of the smaller law firms will only accelerate and access to justice will become a very real reality

    Kerry – Thank you for sharing the updates and your thoughts on this subject

    KEEP UP THE GREAT WORK SIR

    Kind Regards

    Tony Sullman Chief Executive Officer

    *Email:* tony@callbrian.com M: 07714 781008 *T:* 0800 8488812

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    Tony Sullman

    August 27, 2020 at 10:00 am

    • Tony

      Good to hear from you and thank you for your kind comments.

      As you say, in much litigation the client does not pay on account of costs, and has a no win no fee agreement as well, and the solicitor is expected to take all of the risk, as well as bearing the cost of borrowing money.

      Having interest as a costs item introduces transparency and certainty and would, for example, appear in the costs budget and so everyone would know where they are.

      I take it that you approve of me using the camera as compared with the pen 😊

      Your comments about the demise of the smaller law firms and the issues concerning access to justice are spot on. However, it is not just smaller law firms that are suffering.

      In the conveyancing field, a lot of firms have gone out of business, or have ceased trading, during the lockdown and, due to the stamp duty holiday, there is a boom in conveyancing and conveyancing fees seem to be rising by the day.

      I can see this happening in civil litigation, that is that costs will go up because many firms are not prepared to take the risk and bear the cost of funding.

      Thank you very much for your kind remarks 😊

      On a serious note, I would welcome your comments – and in public is fine – as to whether you think the video medium is better than the written medium.

      Kind regards

      Kerry

      kerryunderwood

      August 28, 2020 at 3:37 pm


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