October 31, 2002
Convocation approves 2003 compensation fund insurance
Convocation today approved the recommendation to purchase insurance in the amount of $10 million in excess of $15 million as proposed by the Lawyers Fund for Client Compensation Committee.
To maintain the Fund's stability and provide a "cushion" in the event of a catastrophic loss, it was recommended that insurance in the above amount be obtained for the Fund. Given the anticipated Fund Balance at the end of 2002, it was felt that coverage for $10 million in excess of $15 million would be appropriate.
Lawyers Fund for Client Compensation Committee Report including Insurance for 2002
See budget news release for impact on 2003 levy
Lawyers' member fees drop for second consecutive year
Lawyers will be paying less this year to be a member of the Law Society of Upper Canada, the second consecutive year for the lower membership fee.
The lower fees are a result of Convocation's approval of the Law Society's 2003 budget today which will see the annual general membership fee set at less than $1,000.
Contingent fees get green light
New rules of professional conduct on contingent fees have been give the green light by Convocation making it easier for people to access legal services.
New Conduct Rule
Convocation revises MAR for 2002
Convocation adopted a shorter version of the Members' Annual Report (MAR) for the 2002 filing year (prescribed form 17A under By-Law 17 - Filing Requirements).
Professional Regulation Committee Report including Amendments to the Members' Annual Report (MAR) for 2002)
Foreign Legal Consultants report tabled for Information
A report dealing with Foreign Legal Consultants (FLCs) has been tabled for information by the Inter-Jurisdictional Mobility Committee.
In November Convocation will be asked to consider the report , which proposes revisions to the current policy of licencing FLCs . The current policy dates from 1988.
The proposal reflects changes made to the Law Society's regulatory approach since 1988 and the growth of policies facilitating inter-jurisdictional mobility. The proposal reflects the underlying principle of reciprocity. Lawyers from foreign jurisdictions who wish to become registered FLCs in Ontario may only do so if Ontario lawyers are entitle to FLC privileges in that foreign jurisdiction on a similar basis.
Inter-Jurisdictional Mobility Committee Report