Bolt Burdon Solicitors v Aijaz Tariq Azeem Tariq Amees Tariq [2016] EWHC 811 (QB)

1. This is a claim by solicitors for professional fees under a Contingency Fee Agreement entered into with their clients, the defendants, in respect of non-contentious business in recovering compensation from Allied Irish Bank Plc (“AIB”) under the Financial Conduct Authority Redress Scheme. The complaint was that AIB had mis-sold the defendants an “interest rate swap”. The Contingency Fee Agreement which was negotiated entitled the solicitors to 50% of any compensation recovered, plus disbursements. AIB eventually offered compensation of £821,045.06 (gross of tax). Accordingly the sum claimed by the solicitors in this action, including disbursements and VAT, is £498,083.52. [8 times what it would have billed if it had charged on an hourly basis]