FEES
1. TRANSFER OF CASES TO COURT
1.1. ORALLY TRANSLATED
In oral cases, the fee is ISK 228,557 (283,411 including VAT) plus 15% of the policy amount and interest, up to ISK 12,394,769, 7% of the next ISK 24,796,549 and 4% of the excess. In addition, the costs incurred in the operation of the case are paid.
1.2. WRITTEN QUICK MATTER
In cases that may be prosecuted according to Chapter 17 of the Code of Civil Procedure, in which no evidence is collected after the case is registered or which are adjudicated without the defendant submitting a statement, the basic fee for legal representation is ISK 48,676 (60,358 including VAT) plus 10% of the sum claimed and interest, up to ISK 12,394,769, 5% of the next ISK 24,796,549 and 3% of the excess.
1.3. COST DECISIONS BY JUDGES
A court decision on legal costs does not affect the determination of fees to be paid to a client for legal representation. A judge's legal costs decisions may, among other things, affect the assessment of whether there is doubt about the resolution of a case and therefore do not necessarily reflect an assessment of a reasonable fee for the representation of a case.
1.4. MISCELLANEOUS
Legal settlements
If cases not handled in accordance with Chapter 17 of the Code of Civil Procedure are settled after the case is registered, but before the main hearing, the fee shall be calculated according to the rules that apply to general outdoor matters above.
Cases where interests are insignificant or difficult to quantify
In such cases, a basic fee of ISK 228,557 (283,411 including VAT) is paid in addition to a fee according to the applicable hourly rate or special agreement.
Fee for the transfer of a formal case
The right is reserved to specifically demand a fee for the transfer of the formal aspects of a case, for example, a claim for legal costs insurance, dismissal, etc., which does not take place in parallel with the main hearing.
Fee for attending court hearings
Each attendance ISK. 16,845 (20,888 including VAT).
2. INCOMING
2.1. CALCULATION OF COLLECTION FEE
The collection fee is calculated on the combined amount of principal and interest. The basic collection fee shall be ISK 12,499 (15,499 incl. VAT) plus:
25% of the first ISK 164,470
10% of the next ISK 1,109,319
5% of the next ISK 11,099,473
3% of the next ISK 24,801,955
and 2% of the excess.
If the collection is for a party residing abroad, the creditor shall pay the lawyer up to 5% of the amount collected, in addition to the fee according to this article.
2.2. MEETINGS WITH COMPANIES REGARDING INTERNAL AFFAIRS
For attendance at enforcement proceedings, forced sale proceedings, seizure, injunction and legal storage proceedings, as well as arraignment and deposition proceedings, a fee of ISK 16,845 (20,888 including VAT) shall be paid.
2.3. EDITORIAL FEES FOR REQUESTS AND CLAIMS
Requests to district magistrates, such as for enforcement, forced sale and forfeiture of custody, as well as withdrawals and statements of claim in bankruptcy estates and auction proceeds, shall be paid ISK 16,845 (20,888 including VAT).
2.4. CREDITOR'S LIABILITY FOR COLLECTION OF WAGES
If a claim is not paid, or collection proves unsuccessful, the debtor is liable to the attorney for payment of the collection fees according to the above or a separate agreement.
3. SETTLEMENT OF DAMAGES
3.1. GENERAL PROVISIONS V. SETTLEMENT OF DAMAGES
For settlements and agreements on compensation for bodily injury or damage to property, a basic fee of ISK 117,847 (146,130 incl. VAT) is always paid, and then whichever is higher, the hours recorded or the percentage of compensation paid, where a 10% fee is calculated on the first ISK 11,784,643 collected, and a 5% fee on anything in excess of that amount.
3.2. FEES FOR DAMAGES CASES PURSUANT TO COURTS
The provisions of Article 1 of this fee schedule apply to fees for cases brought before the courts, or pursued following assessments by court-appointed persons, as applicable.
3.3. COLLECTING COMPENSATION FROM ACCIDENT INSURANCE
For the collection of benefits from accident insurance, i.e. accident insurance for employees, seafarers according to the Maritime Act, and other accident insurance, an hourly fee or 10% of the amount collected is paid, whichever is higher.
If a settlement of damages is made pursuant to Article 3.1 or 3.2 above, in parallel with the settlement of accident insurance, and a fee is paid pursuant to those articles, the accident insurance collection costs are reduced to 5% of the amount collected.
3.4. CUSTOMER'S LIABILITY FOR FEES AND/OR EXPENSES
If the client's claim proves to be unfounded, unfounded, and/or liability is denied due to the actions of the client himself or others related to him, the law firm may decide to discontinue representing the client and demand a fee equal to the basic fee, cf. 3.1.
The client is liable to the law firm for costs incurred for medical certificates, disability assessments, damage calculations or costs that are necessary to handle the case, unless the costs are paid by the party liable for compensation or otherwise agreed.
4. SALES SALARY, ETC.
Purchase and sale of real estate and registered ships 1% of the sales value (private sale).
Buying and selling movable property 3-5% of the sales value.
These provisions also apply to the purchase and sale of commercial enterprises.
Sale of shares: 2% of the sale value, unless the share is in fact real estate and/or a company, in which case the provisions above must be followed.
For reviewing and checking contracts and documents for the sale and purchase of real estate, ships, movable property or other assets, which another attorney or other party with real estate sales rights has made, ISK 17,104 (21,209 including VAT) plus an hourly rate.
5. DOCUMENTATION, ETC.
5.1. PURCHASE AGREEMENTS AND SALES
Contract fee ISK 84,649 (104,965 incl. VAT) plus a fee for the time spent on the project, according to the applicable hourly rate.
5.2. DEBT BONDS AND INSURANCE BONDS
Contract fee ISK 51,300 (63,612 incl. VAT) plus a fee for the time spent on the project, according to the applicable hourly rate.
5.3. RENTAL AGREEMENTS
Contract preparation ISK 85,498 (106,018 incl. VAT) plus 2.5% of the rental amount, up to a year's rent. If a lawyer has also drawn up a rental agreement, an additional 3% of the same rental amount is calculated.
5.4. ESTABLISHMENT OF COMPANIES
For the establishment of a company, documentation, completion and related services, ISK 85,498 (106,018 including VAT) plus a fee for the time spent on the work, according to the applicable hourly rate.
5.5. PURCHASES
For writing procurement documents, advice on content and registration with the relevant authority, a fee of ISK 69,170 (85,771 including VAT) is paid, plus a fee for the time spent on the work, according to the applicable hourly rate.
5.6. INHERITANCE REGISTER
For writing a will, advice on the content of such instruments and storage of a copy, a fee of ISK 69,170 (85,771 including VAT) is charged, plus a fee for the time spent on the work, according to the applicable hourly rate.
5.7. MATERIAL COSTS FOR DATA PREPARATION, FORMATION OF OBJECTIONS, CASE DATA, SIDE VIEW DATA
AND OTHER DOCUMENT PROCESSING IN THE HANDLING OF COURT CASES
For the material costs of photocopying and processing documents submitted in court cases, prepared according to court rules, or delivered to courts bound or bound, ISK 20 (25 incl. VAT) is paid for each page, in addition to a fee for the time spent on the work, according to the applicable hourly rate.
6. PERIODIC FEE
As a rule, an hourly fee shall be paid for work on projects other than those listed in clauses 1-5. The hourly fee within each category takes into account the experience and specialization of the lawyer in question. The smallest recorded unit is 15 minutes, but each communication such as email, SMS, phone call, etc. is recorded. The minimum call-out is 4 hours. The lawyer records work on a case, in addition to travel time and other necessary preparation, cf. and the provisions of Article 9 of the tariff. The hourly fee for each hour is as follows, unless otherwise agreed:
Category 1
ISK 44,900 (55,676 incl. VAT)
Category 2
ISK 41,900 (51,956 incl. VAT)
Category 3
ISK 39,900 (49,476 incl. VAT)
Office worker
ISK 19,900 (24,676 incl. VAT)
It is permissible to add a surcharge to the above hourly rate, such as if the lawyer has special experience or knowledge, if work is done in an unusually short time, at short notice or outside the office's normal opening hours, or if work is done in a foreign language. The maximum surcharge on hourly rates is 50% of the basic hourly rate.
In addition to the hourly fee according to paragraphs 1 and 2, a special surcharge may be added to the office's fee when a case involves significant financial interests. Such a surcharge may then be added to the office's fee taking into account the results that the lawyer's work has yielded. The special surcharge according to this provision shall be calculated based on the interest fee schedule for oral cases, cf. provision 1.1, and added to the hourly fee according to paragraphs 1 and 2.
A lawyer is authorized to apply the provisions of paragraphs 2 and 3 of this provision, unless otherwise specifically agreed upon before the commencement of legal proceedings.
7. MISCELLANEOUS PROVISIONS
7.1. PAYMENT FROM THIRD PARTIES
In cases where a third party such as the state or municipality pays part of a client's bill, the amount paid by the third party is deducted from the firm's account to the client. The remaining amount is paid by the client, unless otherwise specifically agreed in writing.
7.2. TRAVEL LAW
The fee is based on the time the trip takes, plus all travel and accommodation costs.
7.3. VALUE ADDED TAX
Lawyers are required by law to charge VAT on their services. Accordingly, VAT is added to individual fee items in the fee schedule and the fee, including VAT, has been calculated where the amount of the fee is published in Icelandic krónur. In cases where the fee is calculated as a percentage (%) of a specific total, whether of the principal of a claim, funds collected, assets sold or leased, a mark-up on costs or on the basis of other measures, VAT is added to the amount so calculated. Customers who carry out activities subject to VAT are entitled to a refund of VAT on all invoices issued to them by a lawyer, whether the costs are paid by the debtor of the claim, the opposing party in a legal case or the person who caused the damage.
7.4 ARRANGEMENTS FOR PAYMENT OF THE FEE
Non-regular clients pay a portion of the fee as soon as it is decided that Valdimarsson Law Firm will take on the case, according to a further agreement. It is expected that half of the attorney's fee will be paid before the case/case is completed. Attorneys reserve the right to demand payment evenly and monthly as the case progresses.
8. CHANGES TO THE FEES SCHEDULE
The fee schedule generally changes on January 1 and July 1 of each year based on changes in the wage index. The attorney's fee shall be based on the fee schedule in effect when the invoice for the work is issued.
9. AIRLINE LIABILITY
Compensated airlines that fail to respond to legitimate demand letters sent in the name of the company's representative are liable for payment of costs in the amount of 995,580.- ISK for collection, for work in connection with the underlying case, as stated in the demand letters from the law firm on behalf of users.
10. TO THE CUSTOMER
The client must familiarize himself with the provisions of this fee schedule. He is responsible for the payment of fees and expenses incurred, whether or not they are paid by the other party, unless a special agreement has been made to the contrary. The lawyer shall inform the client of the estimated cost of the work when a case is received.
If work is performed on an hourly basis, the client has the right to receive a summary of the lawyer's timesheet underlying the invoice, if requested. A breakdown of the calculation of the fee based on the interests of the case shall also be provided upon request.
This fee schedule is considered part of the agreement for the conduct of a case, which is concluded between a lawyer and a client by signing the client's power of attorney to the lawyers of Valdimarsson Law Firm and is valid unless otherwise specifically agreed.
This tariff is valid from March 24, 2025.