Reduction in interest on unpaid legal costs

03/03/2020

Practice management

The Reserve Bank Board this morning confirmed its decision to lower the cash rate by 25 basis points to 0.5 per cent. Accordingly, the rate of interest on unpaid legal costs, as prescribed by s 195 of the Legal Profession Uniform Law (NSW) and r 75 of the Legal Profession Uniform General Rules 2015 (NSW), will now be 2.5 per cent for bills issued from today onwards.