Although every effort has been made to provide accurate information on this site, nothing in these pages should be construed as legal advice. The information is not intended to be relied upon or used as a substitute for legal advice. Please contact us if you need assistance on any legal matter and a suitably qualified lawyer will be able to advise you.
Douglas-Jones Mercer accept no responsibility for actions based on the material contained in these pages or other sites which may be linked to it.
The copyright in these pages belong to Douglas-Jones Mercer and all rights are reserved unless explicitly granted.
We are authorised and regulated by The Solicitors Regulation Authority – firm number 385760. To view our professional rules please visit Solicitors Regulation Authority.
16 Axis Court, Mallard Way, Swansea Vale, Swansea SA7 0AJ. A list of the Directors is open to inspection at the Registered Office.
Company Registration Number
Douglas-Jones Mercer is the trading name of DJM Law Limited. Company Registration Number 6443577
The word ‘partner’ is used by us to describe solicitors qualified to practice in England and Wales that are of senior standing regardless of whether they are employees, consultants or legal directors of DJM Law Limited.
Nothing on our website or the use by us of the term ‘partner’ is to be considered as attaching any additional legal obligations on us or those referred to as ‘partner’ nor should it be construed as indicating that we are carrying on the business of DJM Law Limited in partnership for the purposes of the Partnership Act 1890.
A list of legal directors and those designated as partners is available for inspection at the registered office at Douglas-Jones Mercer, 16 Axis Court, Mallard Way, Swansea Vale, Swansea, SA7 0AJ.
VAT Registration Number
122 2752 06
Client Account Interest Policy
In accordance with the SRA Accounts Rules it is our policy to account to our clients for a sum in lieu of interest.
Our client monies are normally held in a general bank account in which amounts for different clients are pooled. A sum in lieu of interest will be payable on such amounts in accordance with the table shown at the foot of this page.
If we hold monies in a separate designated client account on your behalf, we will account to our clients for all the interest earned on that account, less tax at the relevant rate, subject to the banks policy on deducting interest.
Individuals, Companies, or any other form of Organisation are responsible for making their own declarations to HMRC for any sums received for interest or sums in lieu of interest.
If monies are held for a continuous period, and for part of that period it is held in a separate designated client account, we will account to our clients for a sum in lieu of interest for the rest of the period when the monies are held in our general client account regardless of any minimum level exceptions that we may apply from time to time.
We calculate and pay a sum in lieu of interest on administration of estate matters quarterly or once a client matter has concluded.
We will not account to our clients for sums in lieu of interest in the following situations:
- If the amount of interest accrued is less than £20.
- For monies held for the payment of a professional disbursement if the person to whom the money is owed has requested a delay in settlement.
- On an advance from us into our general Client account to fund a payment on your behalf in excess of the funds already held for you in that account.
- Where an agreement to contract out of the provisions of this policy.
In calculating the sum in lieu of interest we apply a rate that reflects the market rate of interest paid on an instant access current account offered by UK high street banks over the period in which the interest is due. It is our policy to publish our interest rates, together with this interest policy, on our website. We will review the interest rates in line with when the Bank of England reviews its bank rate. Our current rates are stated below.
|£0 – 25,000
|£25,000 – £100,000
|£100,001 – £250,000
|£250,001 – £1,000,000