* The Law Society of British Columbia`s annual dues for 2020 have increased by 2% from projections for 2020 or annual dues from other Law Society associations for 2019. Recognizing the ongoing challenges facing the legal profession due to the pandemic, advisors passed a 2021 budget that keeps annual practice and compensation fees at the same level as in 2020. Advisors decided to leave annual insurance fees for 2020 at $1,800 (full-time) and $900 (part-time). The number of assurance reports and the amount of annual payments have increased slightly in recent years, with 2019 expected to coincide with 2018. Effective claims, risk and investment management, combined with good investment returns, has kept the Law Society`s insurance costs at $1,800 next year. In addition, actuarial advice indicates that existing net reserves are at an appropriate level based on insurance standards. Note: The federal Goods and Services Tax applies to Law Society fees and dues. The overall objective of fee-setting is to ensure that activities are adequately funded so that the Law Society can efficiently and effectively fulfill its statutory mandate to protect the public interest in the administration of justice. If you are currently a member of the Law Society and simply want to change your compensation status, you can submit an online application using the link in the sidebar or member portal. If your application is approved, you will be charged the difference in fees (see Appendix 2 – note that GST will be added to the listed fee). General Fund operating revenues in 2020 are expected to be $29.3 million, $2.0 million (7.4%) higher than Budget 2019, due to increased membership, higher numbers of IFDC students and significant directors` and officers` liability insurance recoveries, as well as an increase of $29.93 (1.6%) in practice fees to balance the budget.
Budgeted revenues are based on estimates of 12,846 full-time equivalent members and 638 PLTC students, and other revenues are expected to be at a similar level to 2019. The General Fund`s operating costs in 2022 are expected to be $31.2 million, an increase of 6.3% (before ceremonial presentation costs), with the increase mainly due to employee salary increases, additional human resources to support the delivery of core functions, costs related to workplace digitization and other technological upgrades, and increases in fees for external consultants. Budget 2022 projects a modest deficit of $825,000, funded from net asset reserves. Advisors approved the 2020 practice and insurance fees, as recommended by the Finance and Audit Committee. The total annual fee for full-time insured lawyers for 2020 is $4,089.12. The practice fee of $2,289.12, an increase of $28.95, is intended to support the strategic plan to address the increase in citations and reputable cases, to continue to focus on money laundering monitoring and enforcement initiatives, to significantly increase the number of CLSC students, and to continually improve services to the public and lawyers through examinations. technology and processes. Full-time insurance costs remain unchanged at $1,800. Councillors set fees for 2022 under the Legal Profession Act based on a thorough review of the Law Society`s finances by the Finance and Audit Committee. The Finance and Audit Committee met with senior management to review the proposed 2022 fees and budgets for the General Fund and the Legal Compensation Fund. The Finance and Audit Committee also reviewed fee proposals from a number of fee-funded organizations and programs, including Courthouse Libraries BC, the Lawyer Assistance Program, The Advocate, the Federation of Law Societies of Canada, the Canadian Legal Information Institute, as well as pro bono service delivery and access to legal services.
Based on these meetings and reviews, the Finance and Audit Committee made recommendations to advisors regarding the amounts of practice fees that should be allocated to each of these organizations and programs. These recommendations were approved by Councillors at their meeting on September 24, 2021. *Fees for Ontario and Québec-Chamber, notaries are based on the 2021-2022 mandatory fees, as these are the most recent data available. The operating income of the General Fund in 2022 is expected to be $30.4 million, or $1.9 million (6.5%) more than Budget 2021, mainly due to an increase in the number of lawyers year-over-year, and increased e-filing revenues. Deposit fees and interest income. Budgeted revenues are based on estimates of 13,545 full-time equivalent practicing lawyers, 610 IFSC students, and other revenues are expected to be at a level similar to historical actuals. Under Rule 2-105(1) of the Law Society, annual remuneration fees are paid in two instalments, in November and May. 1. After enrolment in the admissions program (section 2-77(1)(c) [First appointment and admission]). The Federation of Law Societies of Canada`s fees will be reduced from $28.12 to $24 per lawyer in 2021 as the Federation uses a portion of its excess reserves of net assets to fund some of its operations. The Federation gives provincial and territorial societies a national voice on important national and international issues.
1. Retired Membership Application Fee (Rule 2-4(2)(b) [Retired Members]) The 2022 General Fund budget focuses on supporting regulation, providing key regulatory programs and meeting established key performance measures, to ensure that the Law Society remains an innovative and effective professional regulatory body. 4. Late fees for practising lawyers (Rule 2-108(3) [late payment]) Advisors approved practice and compensation fees for 2022, as recommended by the Finance and Audit Committee. The total annual fee for full-time paid lawyers for 2022 is $4,089.00. Practice fees of $2,289.00, unchanged from 2021 fees, support the strategic plan as well as key business priorities, including regulatory process improvements, innovation sandbox initiatives, continued focus on money laundering monitoring and enforcement initiatives, and improved practice support and online courses. Full-time compensation expenses remain unchanged at $1,800. 1. Late filing of trust returns fee (Rule 3-80(2)(b) [Late filing of trust returns]). The total annual fee for full-time insured lawyers for 2021 is $4,089.12. Practice fees of $2,289.12, unchanged from 2020, include strategic plan support, improved regulatory processes, continued focus on money laundering monitoring and enforcement initiatives, a new e-learning platform for online courses, and increased use of virtual meeting software. security testing, data analysis and artificial intelligence.
Full-time compensation expenses remain unchanged at $1,800. The Canadian Legal Information Institute (CanLII) fees remain at $42 per lawyer. CanLII is a not-for-profit organization created by the Federation of Law Societies of Canada to make primary sources of Canadian law freely available on its website in www.canlii.org. All provincial and territorial companies have committed to providing funding to CanLII. 7. Late Registration Fees for Aboriginal Intercultural Courses (Rule 3-28.11(2)(b)). Advocate funding has been set at $414,200 for 2022. The Advocate publication is distributed to all lawyers in British Columbia every two months.
2. Transfer or aptitude test (Rules 2-79(6) and 2-89(6) [return to practice after absence]) The lawyer will be funded to the tune of $347,000 in 2021, as in 2020, which will continue to draw on a portion of Advocate`s net asset reserves. The Advocate publication is distributed to all lawyers in British Columbia every two months. The objective of the Trust Assurance program is to ensure that law firms comply with the rules for the proper management of trust funds and client escrow accounting records. It does this by conducting fiduciary compliance audits at law firms, reviewing annual escrow reports, and providing advice and resources to members. The compliance audit program ensures that all businesses are audited at least once in a six-year cycle and includes audits in high-risk areas at least every four years. For 2022, escrow fees will remain unchanged at $15 per transaction. You may occasionally practise more than 25 hours per week, provided that you practise an average of 25 hours per week or less over consecutive six-month periods, from the effective date of your part-time practice until the end when you notify the Law Society of a change in your practising status.
Part-time does not mean practicing full-time for part of the year and not practicing at all for part or the rest of the year. Several initiatives have an impact on Budget 2021: 1) supporting Bencher`s strategic planning, 2) implementing the framework for the introduction of licensed paralegals, 3) initiatives to improve the efficiency and effectiveness of our regulatory operations, 4) strengthening efforts to monitor and suppress money laundering and terrorist activity financing and participation in the Cullen Commission, 5) the implementation of a new e-learning platform for Online Courses, including the Indigenous Intercultural Competency Course and 6) increased use of virtual meeting software, security testing, data analytics and artificial intelligence.