The following is issued on behalf of the Law Reform Commission:
The Law Reform Commission (LRC) announced today (October 25) that a sub-committee has been formed to study the topic of outcome related fee structures for arbitration.
In the course of its study, the Outcome Related Fee Structures for Arbitration Sub-committee will review the current position relating to outcome related fee structures for arbitration, consider whether reform is needed to the relevant law and regulatory framework and, if so, make such recommendations for reform as appropriate.
At present, Hong Kong lawyers are prohibited from charging outcome related fees in arbitration. Lawyers in some jurisdictions could offer flexible fee structures to clients in arbitration.
In view of Hong Kong being a leading centre for arbitration services in the Asia-Pacific region, the LRC sees the value in studying this topic for arbitration.
For more details about the sub-committee, please visit the LRC's website (www.hkreform.gov.hk/en/projects/fee_structures_for_arbitration.htm
Ends/Friday, October 25, 2019