General Terms of Pricing
1.1. The standard charge out hourly rate of individuals depends upon their seniority and experience and/or level of post qualification experience. We will tell you of the fee structure that we are applying to your matter in our Engagement Letter. We record all time spent on a matter (where we have not agreed an alternative fee structure with you) and we will charge you for the time spent, recorded in increments of 10 minutes (10 minutes being the lowest amount recorded in any single instance).
1.2. Where no fee structure has been agreed, you may set a limit on the charges and expenses to be incurred which we may not exceed without reference to you. However, please be aware that if you do so, when the limit is reached we will have to “lay down tools” at a point which may be arbitrary or inconvenient. This may well lead to subsequent costs and to delays which may be damaging (or, in extreme circumstances, fatal) to your transaction or case; these are risks for which you agree to accept liability.
1.3. Time spent on the matter includes:
(a) attending meetings, negotiations, and court hearings plus travel time;
(b) reading, writing and working on documents;
(c) making and responding to telephone calls, emails, faxes and letters;
(d) preparation of fees estimates, schedules and bills.
1.4. If we have agreed a fixed fee, then this will be for specific items of work as set out in our Engagement Letter. If we have to do work that falls outside of the scope of our instructions or if the work needed on your matter changes we will charge for our time at our hourly rates set out in our Engagement Letter.
1.5. NML’s rates are reviewed on an annual basis to ensure they are in keeping with the seniority of the lawyers involved and remain appropriate and competitive with market rates. You will be informed of any increase in rates, which will apply to work done from the date of that review.
1.6. You may have to pay additional charges to our professional fees (“disbursements”). These include:
(a) court fees;
(b) fees payable to barristers instructed on your behalf;
(c) expert fees;
(d) surveyor fees;
(e) other professionals;
(f) fees payable to the Land Registry, Companies House, the Intellectual Property Office, OHIM or any other registries;
(g) couriers booked on your behalf or mail sent by special delivery.
1.7. We will normally ask for a payment on account of these charges from you in advance and will pay these on your behalf provided that we have funds available on our client account to do so.
1.8. Telegraphic Transfers: we will charge £30 plus VAT to send funds to you (or a third party upon your instruction) the sum of which reflects the amount of time spent in dealing with this administrative process. If, for whatever reason, the work does not complete or a matter is aborted by you, we shall charge on the basis of time costs incurred to the relevant date.
1.9. A charge-out rate may be charged to work necessarily carried out outside of our normal office hours, the increase of which reflects the unsociable hours involved.
Hourly rates based on the amount of time spent;
· Lead fee-earner rate: £295 plus VAT per hour (25+ years of legal experience);
· Support fee-earner rate: £100 - £175 plus VAT per hour (paralegal or junior solicitor, usually 2 years of legal experience)
As each case is different, it is not possible to provide absolute certainty as to fees but we can provide Indicative average costs for different levels of complexity of cases. Indicative Fees to cover the Key Preparation Stages * (see below as to what this includes):
A: For a Simple case: £5,000 (excluding VAT and disbursements)
Estimated Final hearing: half a day or less
B: For a case of Medium complexity: £12,000 (excluding VAT and disbursements)
Estimated Final hearing: 1 – 2 days
C: For a case of High complexity: £17,500 (excluding VAT and disbursements)
Estimated Final hearing: 3 or more days
Reviewing papers and advising on merits of case
Filling out necessary paperwork and legal documentation
Preparing claim and responses and reporting back to you
Negotiating settlement and working with other party
Preparing schedule of loss
Taking witness statements and then drafting the formal statements
Reviewing and advising other side’s witness statements
Preparing and finalising of bundles
Preparing for final hearing and instructing counsel (if applicable)
What is not included shall the work any counsel member undertakes. We also do not offer ‘no-win-no-fee’ arrangements
Depending on the complexity of your case, as noted above, your claim could be as simple as four to eight weeks, whereas a more complex case would be expected to conclude around the twenty-six week area. The length of the claim is also based on the availability of the Employment Tribunal to hear your claim.
Various fees may arise during the transaction of the property which are not included. These fees are likely to be, but are not limited to, additional fees for attending a tribunal hearing, either at a fixed full day fee or pro rata for part days (excluding VAT), counsels fees for attending on your behalf, post and courier costs, photocopying costs and travel costs.
Preparation of IHT 400 and all supplementary schedules
Providing inheritance tax and capital gains tax advice
Drafting deeds of variation
Preparing executor and/or administrators
Uncovering and assessing assets in addition to identifying the extent of the estate
Valuation of assets
Tax advice relating to assets
Settling inheritance and distribution of assets
What will not be included in this pricing would be any specialised capital gains tax advice, and pricing costs are exclusive of VAT.
The work carried out would expect to be completed anywhere between six months to two years, but should not see any significant changes to costs or the overall process unless the rules which surround inheritance tax were to change.
Various fees may arise during the transaction of the property which are not included. These fees are likely to be, but are not limited to, land registry fees, search fees, post and courier fees, court fees, swearing fees, tax on the inheritance and VAT.
0.33% of the sale or purchase price of the property.
A minimum fee would begin at £1000 excluding VAT and disbursement costs.
Contacting the other side’s solicitors
Preparation, drafting and amending the contract
Responding to enquiries and negotiating the final purchase contract and any ancillary accompanying documents
Carrying out legal due diligence on the property
Carrying out any searches and enquiries before reporting our findings back to you
It is important to note that our work shall not include advising you on the valuation of the property, and shall not include any advice on financial or taxation related issues that may arise during the transaction. Furthermore, we are unable to act for clients who are purchasing properties with a mortgage.
The overall process usually takes between six to eight weeks and should follow a straight forward timeline, though it is not unlikely for matters to become more complex and perhaps take slightly longer than may have been initially anticipated, and so any original fees may need to be revised.
Various fees may arise during the transaction of the property which are not included. These fees are likely to be, but are not limited to, search fees, land registry fees, registered post and/or courier fees, land charges fees, counsel fees and transfer fees.