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Author: Zheng Qiuling
2020-12-17 11:29
Last update date: 2020-12-17 11:29
The Law Reform Commission today (17th) published a consultation document on the "Fee Structure Related to Arbitration Results", which launched a three-month public consultation.
The Subcommittee of the Law Reform Commission recommended that Hong Kong laws should be amended to allow lawyers to charge fees for the results of arbitration, and to establish a structure.
There are several fee structures mentioned in the consultation document, including conditional or damage compensation fees, and mixed damage compensation fees. The upper limit of the fees will be determined after public consultation.
In the consultation document, the establishment of a fee structure related to the arbitration result is advocated. According to this structure, after the lawyer and the party have concluded an agreement, the lawyer can receive financial benefits according to the agreement when the arbitration is successful.
The fee structure includes several agreements, namely conditional fees, damages fees, and hybrid damages fees.
The Subcommittee recommends that an upper limit should be set for the agreement fee for damages, and the upper limit should be set as a percentage of the "financial benefit" or "compensation" received by the parties, and the upper limit should be set after consulting the public .
The Law Reform Commission today (17th) published a consultation document on the "Fee Framework Related to the Arbitration Results", starting a three-month public consultation period.
(Photo by Zheng Qiuling)
The sub-committee believes that there is room for now to set the upper limit of the agreement fee for damages to be lower than the 50% currently adopted for commercial claims in England and Wales, especially if the success fee model is adopted.
The Subcommittee also believes that the appropriate ceiling for consultation fees should be between 30% and 50%.
The subcommittee also invites the public to comment on the appropriate safeguards that should be established in the professional code of conduct and subsidiary legislation.
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