Interest
5.—(1) A solicitor may charge interest on the unpaid amount of his costs plus any paid disbursements and value added tax, subject to the remainder of this article.
(2) Where an entitlement to interest arises under paragraph (1), and subject to any agreement made between a solicitor and client, the period for which interest may be charged runs from one month after the date of delivery of a bill.
(3) Subject to any agreement made between a solicitor and client, the rate of interest must not exceed the rate for the time being payable on judgment debts.
(4) Interest charged under this article must be calculated, where applicable, by reference to—
(a)the amount specified in a determination of costs by the Law Society under Schedule 1A to the Solicitors Act 1974;
(b)the amount ascertained on taxation if an application has been made for the bill to be taxed.