Additional recommendations re: Contingency Fee regulation approved
The recommendations concern:
- Partial contingency fees
- Interim/interlocutory costs
- Costs submissions
At its December meeting, Convocation approved, in principle, the Advertising and Fee Arrangements Issues Working Group’s plan for the regulation of contingency fees. The plan protects access to justice while ensuring that fees are fair and the public is protected from unscrupulous practices and unreasonable fees. The plan includes:
- The introduction of a mandatory standard contingency fee agreement
- A ‘Know Your Rights’ guide for the public
- Disclosure requirements
- A requirement for legal professionals to publically disclose the maximum contingency fee percentage they charge by practice area
- New annual reporting requirements.
The new regulatory measures were approved in principle. The Working Group will return to Convocation with recommendations for rule amendments. The development of resources and amendments to the Solicitor’s Act are also required for full implementation.
More information is available in the Professional Regulation Committee report to Convocation and on the Advertising and Fee Arrangements Issues Working Group webpage.