policies-premiums.php

Premiums

Premiums for the insurance period 1 July 2019 to 30 June 2020

If your legal practice had a gross fee income of less than $3 million in the 2017/18 insurance year, the premium for 2019/20 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 $3 million and over you should contact LPLC.

Sole practitioners with a gross fee income of less than $135,300 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)
Nil $191.18
$1 – $18,450 $321.86
$18,450 – $37,925 $762.30
$37,925 – $57,400 $1,458.05
$57,400 – $76,875 $2,398.22
$76,875 – $96,350 $3,585.23
$96,351 – $115,825 $5,016.66
$115,826 – $135,300 $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