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Coming soon to Chambers near you! Costs disclosure and trust accounts

Coming soon to Chambers near you! Costs disclosure and trust accounts. The Model Laws Project and Possible Amendments to the Legal Profession Act 2004. The “National Model”. Legal Profession Act 2004 – the first tranche Other jurisdictions have introduced second tranche

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Coming soon to Chambers near you! Costs disclosure and trust accounts

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  1. Coming soon to Chambers near you! Costs disclosure and trust accounts The Model Laws Project and Possible Amendments to the Legal Profession Act 2004

  2. The “National Model” • Legal Profession Act 2004 – the first tranche • Other jurisdictions have introduced second tranche • Expect Qld Act to be amended some time this year to incorporate other provisions

  3. What can we expect? • Much of it only affects solicitors • Foreign lawyers, incorporated legal practices • Two matters which need attention

  4. Trust Accounts - I • Model refers to “law practices” – includes barristers • “trust money” includes money received on account in advance of performance – a fee with brief – includes disbursements

  5. Trust Accounts - II • If adopted, what effect will it have? • Where money received in advance, will require establishment of trust account • Additional accounting and audit expenses

  6. Trust Accounts - III • Practical effects? • How often is the fee sent with a brief? • Major effect on direct access

  7. Costs disclosure - I • General principle: ensure more information given to client about costs • Will apply to barristers • Extent of information required differs according to whether briefed by solicitor or direct access

  8. Costs Disclosure - II • For direct access a barrister must inform the client of at least 19 different matters • If briefed by solicitor then need only supply information sufficient to allow solicitor to make fee disclosure

  9. Costs Disclosure - III • Failure to make disclosure = client need not pay - subject to: • If client refuses to pay, barrister can only recover after having costs reviewed (assessed/taxed)

  10. Costs Disclosure - IV • A barrister briefed by a solicitor should satisfy requirements by: * provision of hourly/daily rate * in a long matter, updates the rates if they change

  11. Costs Agreements • Barrister can enter into costs agreement with: * direct access client * solicitor * lay client even if briefed by solicitor • Conditional fees OK • Contingency fees banned

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