Insurance period 1 July 2020 to 30 June 2021
If your legal practice had a gross fee income of less than $2 million in the 2018/19 insurance year, the premium for 2020/21 will be:
$7,612.11 per principal which includes GST and stamp duty
$1,903.03 per employee solicitor which includes GST and stamp duty
$951.51 per part time employee solicitor which includes GST and stamp duty
The premium may be adjusted upwards to take into account risk rating.
If your practice has a gross fee income of $2 million and over you should contact LPLC.
Sole practitioners with a gross fee income of less than $140,175 and no employee solicitors are entitled to reduced premiums.
The scale for reduced premium payers is set out below.
|Gross fee income||Premium
(which includes GST and stamp duty)
|$1 – $19,125||$321.86|
|$19,126 – $39,300||$762.30|
|$39,301 – $59,475||$1,458.05|
|$59,476 – $79,650||$2,398.22|
|$79,651 – $99,825||$3,585.23|
|$99,826 – $120,000||$5,016.66|
|$120,000 – $140,175||$6,694.93|
Practices in which all practitioners practise exclusively in the area of criminal advocacy or exclusively as mediators or cost consultants are eligible to pay the minimum (Band 5) contribution which is:
$242 per principal which includes GST and stamp duty
$60.50 per employee solicitor which includes GST and stamp duty
Gross fee income statutory declaration download here