Judge calls for updated guideline hourly rates.

In Ohpen Operations UK Limited v Invesco Fund Managers Limited [2019] EWHC 2504 (TCC), having succeeded on its application for a stay pending compliance by the parties with the agreed dispute resolution procedure, the Defendant sought its costs. Mrs Justice O’Farrell, when assessing the Defendant’s solicitors’ hourly rates, called for a update to the SCCO Guideline Hourly Rates.

The decision on hourly rates in this case included the allowing the hourly rates as claimed, thereby reflecting the market rate for city solicitors who had expertise in technically complex litigation and who had dealt with the matter efficiently. It also reflected the fact that proportionality had not been in issue. Had it been so, the Judge may have reduced the rates having regard to the other factors in the litigation i.e. the value of the claim.