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In a security for costs application, the High Court has determined that the amount of €501,592 is to be provided by the plaintiff as security to cover legal costs for both defendants for a six-day hearing and preparatory work. This decision was reached despite the court not being provided with the hourly rates underpinning the cost estimates, which is necessary to determine if the costs are 'reasonable' as required by the Legal Services Regulation Act 2015. The court preferred the lower estimate provided by the plaintiff's legal costs accountants over the higher estimates from other experts, which suggested costs close to €1 million. The court emphasised the importance of transparency in legal costs and the need for costs to be reasonable on objectively justifiable grounds, rather than by comparison to past 'millionaire' costs.
security for costs, High Court, legal costs, hourly rates, transparency, Legal Services Regulation Act 2015, reasonable costs, cost estimates, Commercial Court, plaintiff, defendants, litigation, adjudication, Legal Costs Adjudicator.
Note: This is intended to be a fair and accurate report of a decision made public by a court of law. Any errors should be notified to the editor and will be dealt with accordingly.
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