SRA Transparency Rules

Solicitor’s Regulation Authority – Transparency in price and service

The aim of the SRA Transparency Rules is to make sure consumers have the information they need to make an informed choice of legal services provider, including understanding what the costs may be.

The rules require all regulated law firms, who publish as part of their usual business that they offer certain services, to publish information on the prices they charge. These services are:

For members of the public

• Residential conveyancing (Freehold sale or purchase, leasehold sale or purchase, mortgages and re-mortgages)
• Probate (uncontested cases with all assets in the UK)
• Motoring offences (summary only offences)
• Employment tribunals (claims for unfair or wrongful dismissal)
• Immigration (excluding asylum applications)

For businesses

• Debt recovery (up to £100,000)
• Employment tribunals (defending claims for unfair or wrongful dismissal)
• Licensing applications for business premises (new applications or varying existing licenses) 

 
 IDR LEGAL LIMITED (“IDR”)

As IDR’s commercial offering is limited to the provision of debt recovery services to other businesses, we set out below the current price offering for Debt Recovery (up to £100,000).

Fixed fees for a business to business debt that is undisputed

These costs apply where your claim is in relation to an unpaid invoice in excess of £750 which is not disputed. If the other party disputes your claim at any point, we will discuss any further work required and provide you with revised advice about costs if necessary, which could be on a fixed fee (e.g. if a one off letter is required), or an hourly rate if more extensive work is needed.  Our hourly rates for disputed debt recovery claims range from £118 per hour (Grade D fee earners) to £217 per hour (Grade A fee earners).

Statutory Demands

Debt Value	Court Fees	Disbursements (ex. VAT)	Our Fee (ex. VAT)	Total (ex. VAT)
£750 – £100,000	£n/a	£100	£500	£600

Anyone wishing to proceed with a claim should note that:

• The VAT element of our fee cannot be reclaimed from your debtor (if you are registered for VAT purposes).

Our fee includes:

• Taking your instructions and reviewing documentation
• Undertaking appropriate searches
• Sending a letter before action where appropriate
• If the debt is not paid, drafting and serving a statutory demand
• Receiving payment and sending onto you

Matters usually take around 4 weeks from receipt of instructions from you to receipt of payment from the other side. This is on the basis that the other side pays promptly on receipt of the Statutory Demand.

Winding Up Petition

Debt Value	Court Fees	Disbursements (ex.VAT)	Our Fees (ex VAT)	Total (ex. VAT)
£750 – £100,000	£280	£1942	£1500	£3722

Anyone wishing to proceed with a claim should note that:

• The VAT element of our fee cannot be reclaimed from your debtor (if you are registered for VAT purposes).

Our fee includes:

• Taking your instructions and reviewing documentation
• Undertaking appropriate searches
• Drafting and issuing a winding up petition
• Completing and filing court documents for the petition hearing
• Arranging for representation at the petition hearing (where appropriate)
• Receiving any payment and sending onto you

Matters usually take around 12 weeks from receipt of instructions from you to receipt of payment from the other side, depending on whether or not the petition is opposed.

Disbursements

Disbursements are costs related to your matter that are payable to third parties, such as court fees, the official receiver’s deposit, barristers fee etc. We handle the payment of the disbursements on your behalf to ensure a smoother process.

The Official Receiver’s Deposit (currently £1600) is returnable in the event that no winding up order is made.