Category Archives: Conveyancing / Legal

THE lid has come off on how much lawyers should charge in property deals.

The Law Society yesterday said it will remove a controversial set of fee guidelines for conveyancing lawyers that was implemented six years ago.

A statement issued yesterday by the society, which represents all practising lawyers in Singapore, said lawyers should be free to negotiate fees with their clients. The removal of these guidelines will take effect from Oct 1 and will apply to all property deals signed after that.

The Law Society said the guidelines were meant as a ‘transitional measure’ and, after an ongoing review, its council decided to scrap them. Its statement also reminded lawyers that they have a ‘fundamental ethical obligation’ not to overcharge.

Back in 2003, the Law Society removed a fixed-fee structure that put a cap on what lawyers could charge their clients for property deals.

Instead, it put in place fee guidelines because many firms were undercutting one another by offering rock-bottom fees in order to secure clients.

The society felt then that the low fees, combined with a heavy case load, would lead to lawyers cutting corners and making mistakes, leaving the legal profession open to more complaints. Continue reading →

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