Costs Information for Debt Recovery up to £100,000
The Solicitors Regulation Authority’s Transparency Rules require us to provide detailed information on our website of the costs of some of our services. For businesses, the services which we provide and which are covered by the Rules include debt recovery up to a value of £100,000.
The information we provide is either the average cost or a range of costs of our fees, based on our hourly rates for our lawyers or other bases of charging, and any likely disbursements. Disbursements are costs that we incur with third parties such as HM Court Service on your behalf and which we re-charge to you in our bill.
In addition, we provide information about the solicitors who will manage your matter, their qualifications and experience.
The information provided is based on our experience of the costs we charge for typical transactions or cases. Our actual charges may vary depending on the complexity of your matter and in cases where complications arise. We will always give you an individual cost estimate at the outset of your matter, taking into account the actual circumstances of your case. We will also update our estimate if any complications arise which may impact on our costs.
The cost of debt recovery services for cases with a value up to £100,000
Our fees and the disbursements we will charge to you for a typical debt recovery claim cover the work and involve the costs set out below. In some cases, for example where the debtor pays immediately in response to a letter before action, the costs may be less. In some cases, where the basis of your claim is complex, the costs may be more, and we may need to instruct Counsel to advise and/or draft Particulars of Claim. In such cases you would have to pay Counsel’s fees in addition to our fees.
Our fees and disbursements for this work are based on the number of hours we take to complete the work multiplied by the hourly rates for the fee earners undertaking the work.
Total Solicitors’ Fees of £2,350 – £4,640 plus VAT and Court fees of £25 – £5,000
Debt recovery claims involving default judgments normally take between 6-12 weeks to conclude, depending on whether it is necessary to issue a claim and file an application for default judgment. Note however that the time taken by different courts to issue claims and process applications for default judgment can vary and this can impact on the overall time it takes for your case to complete.
This cost information does not cover situations where:
In these situations we will advise you as to the cost implications bearing in mind the nature of the issues that have arisen.
The fee earners who work on our debt recovery matters include:
Rachel Brown, a Senior Associate at Druces LLP. Rachel is a solicitor qualified in England & Wales, with over 10 years post qualification experience. Rachel is an experienced commercial litigation and contentious insolvency lawyer. Rachel’s hourly rate is £290 per hour;
Trainees: Where appropriate some of the work required to be carried out on your case may be undertaken by a trainee solicitor, whose charge out rate is £140- £160 per hour, subject to the supervision of a more experienced lawyer.
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