Legal Services Board
Fund contributions
Who must contribute?
The Board may from time to time determine different classes of legal practitioners as “contributor classes” for the purposes of the Fidelity Fund. Persons falling into the relevant contributor classes are required to make an annual contribution to the Fidelity Fund.
The Board must determine the amount of the contribution for each contributor class annually. In determining the contribution amount the Board must have regard to any advice of an actuary engaged by the Board and the solvency level of the Fidelity Fund.
If at any time the Board believes that the Fidelity Fund credit is insufficient to meet its liabilities, the Board may impose a levy upon classes of legal practitioners.
Legal practitioners who hold a current Victorian practising certificate who are liable to make a contribution pay this amount with their practising certificate fee.
Persons who are liable to make a contribution who do not hold a Victorian practising certificate are required to pay their contribution directly to the Board.
Contributions
Contribution rates to the Fidelity Fund for the period 1 July 2009 to 30 June 2010 have been determined by the Board for each class of practitioner to be as follows:
| Class | Type | Contribution |
|---|---|---|
| 1 | Local Practitioner Authorised to Receive Trust Money – exceeding $500,000 An approved clerk or the holder of a local practising certificate that authorises the receipt of trust money who received, or was a principal, employee or a director of a law practice that received trust money exceeding $500,000 in total during the year ending on 31 October 2008. |
$324 |
| 2 | Local Practitioner The holder of a principal practising certificate that authorises the person to engage in legal practice but that does not authorise the receipt of trust money and who is the principal or employee of a law practice that received trust money exceeding $500,000 in total during the year ending on 31 October 2008. |
$324 |
| 3 | Local Practitioner An approved clerk or the holder of a local practising certificate that authorises the receipt of trust money who received, or was a principal, employee or a director of a law practice that received trust money within the range of $Nil - $500,000 in total during the year ending on 31 October 2008. |
$164 |
| 4 | Local Practitioner The holder of a principal practising certificate that authorises the person to engage in legal practice but that does not authorise the receipt of trust money and who is the principal or employee of a law practice that received trust money within the range of $Nil - $500,000 in total during the year ending on 31 October 2008. |
$164 |
| 5 | Employee Practising Certificate and Not Authorised to Receive Trust Money The holder of an employee practising certificate that authorises the person to engage in legal practice but that does not authorise the receipt of trust money and who is employed by a law practice that is authorised to receive trust money. |
$80 |
| 6 | Exempt Practitioners Corporate practitioners, interstate practitioners not authorised to withdraw money from a local trust account, sole practitioners not authorised to receive trust money, employee practitioners employed by a law practice not authorised to receive trust money and employees at community legal centres are not required to make a contribution. |
Nil |
| 7 | Interstate Practitioner An interstate legal practitioner who is authorised to withdraw money from a local trust account and who is a principal, employee or a director of a law practice that received trust money in Victoria exceeding $500,000 in total during the year ending on 31 October 2008. |
$324 |
| 8 | Interstate Practitioner An interstate legal practitioner who is authorised to withdraw money from a local trust account and who is a principal, employee or a director of a law practice that received trust money in Victoria within the range of $Nil to $500,000 in total during the year ending on 31 October 2008. |
$164 |