Fee Structure

FK Law Chambers has five methods of charging legal fees depending on the nature of the assignment.

1. Time Charge – This is an hourly billing system, whereby an assignment is billed having regard to the time Partner or Associate expends on the assignment (does not apply to litigation). FK law Chambers charges a standard fee of US$ 350 per hour. This excludes disbursements such as fees or charges paid to the government (or other authority) in connection with the assignment, telephone or fax charges, etc.
   
   
2. Percentage charge – Tax and debt collection assignments are billed on a percentage basis. For tax assignments the legal fee is 15% of the tax saves by our intervention, and in the case of debt collection, FK Law Chambers retains as legal fees 10% of the amount recovered on the debt claim (does not apply to litigation).
   
   
3. Agreed fee -Legal fees for transactional work i.e. preparation such legal instruments as contracts, mortgages, convenyances, deeds, or other legal instruments, is determined by mutual agreement with the client in advance of the commencement of the assignment.
   
   
4. Statutory fees – All assignments that involve litigation are billed in accordance with the remuneration rates stipulated under the Advocates Remuneration Rules, which prescribe a descending scale of fees from 10% to 3% depending on the monetary value of the claim in court.
   
   Usually the firm will require a reasonable deposit to be made by the client at the commencement of the assignment to enable the firm meet various disbursements as required in executing the assignment.
   
   FK Law Chambers is VAT-registered and is obliged to charge 18% VAT on all tax invoices raised. For clients who are themselves registered for VAT, the amount of VAT paid to us should be claimed and offset as a credit against their monthly VAT liability.
   
   
5. Retainer fees – the firm, under exceptional circumstances, accept instructions from clients on a retainer basis, hereby the firm and client agrees to execute client’s instructions on an annual basis in consideration of a fixed or flat agreed fee. However, the firm reserves this arrangement for a limited number of clients, such as “not-for-profit” organizations such as NGOs, charities and small-scale enterprises.

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