Law Society removes fee guidelines for property transaction deals

From October 1, the Law Society will do away with fee guidelines for lawyers when processing property deals.

This means that lawyers and their clients will be free to negotiate their transaction fees, based on the type of work done, and the value of the property.

This will apply for all conveyancing deals entered into on or after October 1.

The guidelines were issued as a temporary measure after fixed fee structures were abolished in 2003.

But the Society now said they are unnecessary, as it believes all fees should be decided solely between the lawyer and his client.

It added that lawyers are barred from overcharging under under Rule 38 of the Legal Profession (Professional Conduct) Rules.

Source : Channel NewsAsia – 22 Sep 2009

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