Interest5
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.