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Making the most of Fixed Fees
February 2011
Fixed fees have been the topic of much debate recently and with good reason as the cash flow benefits can be significant to a firm.
Tucked away within Rule 19 of the Solicitors‘ Accounts Rules is a simple provision which requires that an ’agreed fee‘ must be paid into an office account. This means that provided your fixed fees meet the criteria required to be an ’agreed fee‘ under the SAR’s you should pay money received from your client directly into your office account. Of course, you need to be careful that it is a genuine ‘agreed fee’, but with thought and planning many problems can be overcome.
If you would like to discuss how fixed fees could work in your practice please contact us now for more information on how we can help.