Trustees of the Diana, Princess of Wales, Memorial Fund have declared themselves "very satisfied" with the work of its legal advisers, dismissing suggestions that they were being overcharged for the work.

Vivienne Parry, Diana Memorial Fund: "legal fees are appropriate"

Reports on Thursday suggested that the trustees were angered and alarmed at receiving bills totalling around £500,000 for less than three months' work from top London solicitors Mishcon de Reya.

But in a statement, the Board of Trustees of the £35 million fund said that the fees were "if anything, on the low side" and added they were "reasonable and appropriate for the work undertaken".

Outside the offices of Mischon de Reya

And John Jackson, non-solicitor chairman of Mishcon de Reya, said that the company had discounted its fees by 20% as a contribution towards the good works the Fund was hoping to carry out.

A Fund spokesperson told BBC News Online that the Board of Trustees is planning to have a meeting in March where they will decide which charities will receive monies from the £35m fund.

Vivienne Parry trustee of the Diana Memorial Fund

"The financial benefits from the commercial projects being established by Mishcon de Reya will massively outweigh the costs of setting them up."

Trustee, Vivienne Parry, insisted that every penny paid out to the lawyers was money well spent. She insisted that the lawyer's work would lead to millions of pounds flooding back into the Fund's coffers to pay for charitable projects.

"Of course we will keep an eye on the fees, but we can't do something as big and complex as the Memorial Fund without the best legal advice."

Mishcon de Reya is one of London's most prestigious law firms, with a celebrity client list that was headed by Diana, Princess of Wales. It acted on her behalf during the divorce from Prince Charles.

They are responsible for tasks including: establishing Diana's name and image as an official trademark; seeking 30% royalties from all items bearing her likeness; acting to stop the sale of unlicensed goods; attempting to block an unofficial film telling the story of Diana's affair with Dodi Fayed.

There is no fixed fee for work of this kind and charges. But a spokesman for the Institutional Fund Managers' Association added that a fund of that size would normally pay a maximum each year of .25% to .5% of its holdings - in this case about £87,5000 to £175,000 - for management services.

Robin Corbett MP: "absolutely appalled"

The solicitors of Mishcon de Reya say they are doing the work at cost - their own contribution to the Diana Memorial Fund. Their fees are £250 per hour.

But Labour MP Robin Corbett, who sits on the Parliamentary committee overseeing legal issues, criticised the cost: "I'm absolutely appalled at this."

"People give to this memorial fund in the belief that this money is going to charity, not to finance the extravagant lifestyle of expensive London lawyers.

"I could find you lawyers in Birmingham who'd do it for a tenth of this and be glad to."
 

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