Reduction in interest on unpaid legal costs

04/06/2019

Practice management

At its meeting on 4 June 2019, the Reserve Bank Board decided to lower the cash rate target by 0.25% to 1.25%. Accordingly the rate of interest on unpaid legal costs, prescribed by s 195 of the Legal Profession Uniform Law (NSW) and Rule 75 of the Legal Profession Uniform General Rules 2015(NSW), is 3.25%.