This page is for clients of the UK and SVO offices of Osborne Clarke (operating in England, Germany and the USA), a general partnership established under the laws of England and Wales whose principal places of business are 2 Temple Back East, Temple Quay, Bristol BS1 6EG, UK ("Osborne Clarke") and authorised and regulated by the Solicitors Regulation Authority (SRA number 58540).
In your terms and conditions we reference additional policies of the firm which apply to our relationship with you. This page sets out those additional policies referenced.
We may change these policies at any time without notice by updating this page and if you continue to maintain a relationship with us we will consider that you have accepted any changes.
References to "you" or "your" are references to any person engaging with Osborne Clarke for the provision of legal services and references to "we", "us" or "our" are references to Osborne Clarke as appropriate.
The term "Director" when referring to an Osborne Clarke lawyer means a senior lawyer who is not a partner nor a director of a company.
For the avoidance of doubt, when we refer to "Osborne Clarke" we are not including either:
(1) the German offices of the Osborne Clarke partnership (whose relationship with their clients is governed by a separate set of engagement terms and local legislation); or
(2) one or more of the member entities of Osborne Clarke Verein, a Swiss verein which does not itself provide legal or other client services.
Each of the above member entities of Osborne Clarke Verein is a separately constituted and regulated legal entity or partnership which provides legal and other client services in accordance with the laws of the jurisdictions in which it operates. Further details of the member entities that provide legal or other services to clients in each country can be found here .
The use of the name "Osborne Clarke" and words or phrases such as "international legal organisation", "firm", "law firm" or "practice" used in relation to Osborne Clarke Verein or its member entities are for convenience only and do not imply that the Verein or all or any of the member entities are in partnership together or accept responsibility for each other's acts or omissions.
Legal responsibility for the provision of services to clients is defined in written engagement terms entered into between a client and the relevant member entity (which, for the avoidance of doubt will not be Osborne Clarke Verein). Such engagement terms should be relied upon in determining liability for the services provided.
Unless explicit written agreement is given by both member entities involved, no Osborne Clarke member entity is responsible for the acts or omissions of, nor has any authority to obligate or otherwise bind, any other Osborne Clarke member entity.
This is governed by our Privacy and Confidentiality Policy referenced here.
The purpose of this document is to set out Osborne Clarke policy with regard to interest and banking arrangements in relation to money held on behalf of clients. For the purposes of this Interest Policy, Osborne Clarke refers to the UK partnership authorised and regulated by the Solicitors Regulation Authority (SRA number 58540)
The over-riding objective of this policy is to achieve what Osborne Clarke believes is a fair outcome for both the client and the Firm.
When Osborne Clarke receives money from or on behalf of a client, it will be paid into a general client account with NatWest Bank (a member of the Royal Bank of Scotland Group) who is the Firm's primary banker.
The rate of interest paid to clients on money held in the general client account is in line with NatWest published rates on Client Deposit Manager Accounts.
Interest on general client money is normally calculated and applied on a quarterly basis on the dates set out below. Where client requirements demand the calculation and application will be made on agreed dates (e.g. closure of the matter).
Interest on money held in general client account will not be applied to specific matters if less than £5 in any quarter.
Interest is paid by NatWest to Osborne Clarke on the aggregate of all client money held in the general client account and, subject to any interest paid to clients as above, is for the benefit of Osborne Clarke.
Designated deposit facilities are maintained with a number of banks and may vary from time to time, Those banks currently used are NatWest, Bank of Ireland, Lloyds Banking Group and Santander. Alternative arrangements can also be made at the client's request.
Client money may be moved from general client account to designated deposit accounts by Osborne Clarke (subject to a £250,000 minimum) or on client request in order to achieve a better rate of interest.
The rates of interest on designated deposit accounts will be a rate negotiated by Osborne Clarke with that particular bank.
All the interest on designated deposit accounts is for the benefit of the client and can be paid either monthly or quarterly or on closure.
Trust money will be held in either the general client account or in a designated deposit account and is subject to the same interest policy on those accounts as set out in this document.
Joint accounts held between Osborne Clarke and another law firm will be designated deposit accounts under the meaning of this policy and subject to the same conditions as set out above.
Osborne Clarke will ensure that funds are placed with a clearing bank which is authorised by the Financial Conduct Authority ('FCA') and Prudential Regulation Authority (‘PRA’) to accept deposits, and are held at a branch or head office in England and Wales unless instructed to hold the money elsewhere.
All client money, whether general client funds or designated deposited funds, will be held on instant access terms unless otherwise instructed.
In accordance with Law Society guidance, if the bank in which Osborne Clarke holds funds should fail we reserve the right to disclose to the FSCS the names and other details of clients whose money is held there in order for those clients to claim compensation up to the applicable limit, currently £85,000.
We will not be liable to you or any third party for any loss or damage suffered as a result of any act, omission, fraud, delay, negligence, insolvency or default of any bank, financial institution, clearing or payments system nor that of the directors, officers, employees, agents or representatives of any of the foregoing.
This policy will be reviewed from time to time to ensure the over-riding objectives are met.