Premium information for insurance cover for period 1 July 2023 to 30 June 2024.
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2023–2024 Solicitor premiums
Base premiums are calculated with reference to the law practice’s gross fee income (GFI).
In most cases this will be the law practice’s actual GFI for the financial year ended 30 June 2022, but where the practice is newly established the premium will be calculated according to estimated GFI for the upcoming insurance year.
The premium rates have been determined on advice from LPLC actuary and reflect the claims experience of law practices insured by LPLC for particular GFI ranges.
Gross fee income | Base premium | Premium (incl GST and stamp duty) |
|---|---|---|
Nil | $186 | $225.06 |
$1 – $19,999 | $314 | $379.94 |
$20,000 – $39,999 | $743 | $899.03 |
$40,000 – $59,999 | $1,419 | $1,716.99 |
$60,000 – $79,999 | $2,335 | $2,825.35 |
$80,000 – $99,999 | $3,490 | $4,222.90 |
| $100,000 and above | The base premium is calculated as a percentage of law practice GFI. The rate depends on the assessed GFI. |
Concessional premiums
Law practices working exclusively in the following areas, and with no adverse claims history, are eligible for a concessional premium:
- Criminal advocates
- Legal cost consultants
- Mediators
- Arbitrators with express statutory immunity
- Matters in the Children’s Court of Victoria
| Gross fee income | Base premium | Premium (incl GST and stamp duty) |
|---|---|---|
| Nil | $186 | $225.06 |
| $1 – $99,999 | $318 | $384.78 |
| $100,000 or more | 15% of the full premium rate |
Claims loadings
Law practices with an adverse claims history are subject to a claims loading.
The claims loading is added to the base premium before the calculation of GST and stamp duty.
Claims loadings depend on the amount of premium paid by the law practice and the frequency and severity of claims.
Notifications of circumstances which have not become claims are excluded from the calculation of claims loadings.
Forms 2023–2024
Application for Insurance
Use the LPLC Application for Insurance 2023–2024 form when starting a new practice from 1 July 2023.
Gross fee income changes
Use the statutory declaration below if LPLC requires verification of a change in a law practice's actual gross fee income previously notified.