In relation to debt recovery our standard hourly rates are as follows:
Partners: £215 per hour
Trainee solicitors, legal assistants, support staff: £118 per hour
Fees for Debt Recovery (up to £100,000) for businesses
Some of our average fees involved in our debt recovery services, excluding disbursements are as follows:
- Stage 1: This stage includes the initial consultation and the issuing of a letter before further action.
- £175 or 10% of the money recovered, whichever figure is higher
- Stage 2: Following Stage 1, if the debt is not paid, we will issue a claim at the County Court in order to seek an undisputed judgement against them
- Stage 3: City Law Solicitors can also advise on the best way to ensure the payment of any money owed to you. This may mean the service of a Statutory Demand, which we will help you draft, as well as serve on your behalf. Once the debtor has received this, they will have 21 days to pay or reach an agreement to pay. If payment is not received after this period, we can issue a Bankruptcy or Winding Up Petition.
- Statutory Demand: £350
- Bankruptcy or Winding Up Petition: £500
- Stage 4: If a County Court Judgement has been entered against the debtor, it will be possible to enforce the judgement immediately. Various options are available to you, and we will advise you on the option best suited to your unique situation if necessary.
If we are able to recover your debt, we will charge 10% of the money recovered If 10% of the recovered debt is lower than the minimum costs, we will charge the above fees.