policies-premiums.php

Premiums

Premiums for the insurance period 1 July 2017 to 30 June 2018

If your legal practice had a gross fee income of less than $5 million in the 2015/16 insurance year, the premium for 2017/18 will be:

$7,232.69 per principal which includes GST and stamp duty
$1,807.80 per 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 $5 million and over you should contact the LPLC.

Sole practitioners with a gross fee income of less than $128,500 and no employee solicitors are entitled to reduced premiums.

The scale for reduced premium payers is set out below.

 

GFI Premium (including GST and stamp duty)
Nil $181.50
$1 – $17,500 $304.92
$17,501 – $36,000 $724.79
$36,001 – $54,500 $1,384.24
$54,501 – $73,000 $2,278.43
$73,001 – $91,500 $3,406.15
$91,501 – $110,000 $4,766.19
$110,001 – $128,500 $6,359.76

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:

$181.50  per principal (includes GST and stamp duty)
$45.37 per employee solicitor (includes GST and stamp duty)

Gross Fee Income Statutory Declaration download here