Legal Services Board

News

13 November 2009

2009 Annual Report now available

The Legal Services Board's 2009 Annual Report is now available from the Publications page of this website.

26 October 2009

Results from the Survey on the Characteristics of Solicitors’ Trust Accounts (and Barristers Clerks)

In May 2009, the Legal Services Board conducted a survey that aimed to identify the characteristics of solicitors’ trust accounts (and barristers clerks) in Victoria.

One of the key functions of the Board involves the administration of solicitors’ trust accounts in Victoria. In performing this function, the Board is not required to record the different streams of activity which comprise solicitors’ trust accounts. In light of the global financial crisis, the Board resolved that it would be appropriate to gain an understanding of the composition of solicitors’ trust accounts in Victoria.

Accordingly, the Board invited all legal entities and barristers clerks with a trust account and/or statutory deposit account (SDA) to complete an anonymous survey on the amount of funds maintained in their trust account as at 30 April 2009.

Of the 1800 entities with a trust account and/or SDA account at 30 April, approximately 20% completed the survey.

The survey provided the Board with useful insight into the types of funds maintained in the trust accounts of Victorian solicitors.

Download the survey results here.

The Board would like to thank the legal entities and barristers clerks who so generously gave up their time to complete the survey. It is proposed to undertake a further survey in May 2010.

5 August 2009

Practitioners urged to be cautious of trust account scam

The Legal Services Board is warning practitioners to be cautious of a scam operating in America and Australia, involving the trust accounts of legal practitioners.

As part of the scam, individuals alleging to represent large, overseas companies, approach legal practices to act in a debt collection matter. The practice is advised not to contact the debtor. Soon after, the practice receives a cheque for a specified amount (usually very large) issued by an American bank; however the cheque is false. The practice is then pressured to immediately release the funds from their trust account.

The Legal Services Board urges practitioners to be wary of activity that is similar to the above. Law Societies in other states of Australia are also aware of this activity.

The Law institute of Victoria is taking information on this matter. Practitioners are advised to contact Jolynn Dunn, Compliance Manager, Law Institute of Victoria on (03) 9607 9399 or email jdunn@liv.asn.au for further information.

5 June 2009

Commonwealth Government's Deposit and Wholesale Funding Guarantee Scheme fee waiver approved for Solicitors Trust Accounts

The Commonwealth Government has provided a waiver of the fee on the Government's Deposit and Wholesale Funding Guarantee Scheme for deposits held in solicitor trust accounts and their corresponding statutory deposit account.

The waiver is effective from 1st April 2009 and will be automatically applied to these types of accounts held with ADIs.

For further information on the waiver please contact your bank or visit www.guaranteescheme.gov.au/rules

27 April 2009

Survey on the characteristics of solicitors' trust accounts (and barristers clerks)

The Legal Services Board (the Board) is currently undertaking a survey on the characteristics of solicitors’ trust accounts and statutory deposit accounts (SDAs) in Victoria.

The Board is responsible for the administration of solicitors’ trust accounts and SDAs in Victoria. In performing this function, the Board is not required to record information relating to the different streams of activity which comprise solicitors’ trust accounts.

In light of the current economic conditions, the Board believes it is important to gain a sound understanding of the composition of solicitors’ trust accounts in Victoria.

To do this, the Board is undertaking a survey of trust accounts and SDAs maintained by legal practitioners in Victoria.

The Board recently wrote to the Managing Partner and Barristers Clerk of each legal entity with a trust account and/or SDA, inviting them to participate in the survey.

To complete the survey, simply click here and follow the prompts. Please note, the Board requires just one response per entity.

The survey is password protected for security purposes. The password is contained in a letter from the Board distributed in late April. If you did not receive a copy of the letter, please contact the Board on (03) 9679 8000.

The survey will be available online until 5.00pm on Friday, 29 May 2009.

If you would like to complete a hard copy of the survey, please contact the Board on (03) 9679 8000.

Please return all hard copies to the Board by 5.00pm on Friday, 29 May 2009.

The survey is entirely anonymous and does not request information that can identify individual firms. The Board will publish the results on its website in June 2009.

For further information, please contact our office.

11 March 2009

Update - Commonwealth Government's Deposit and Wholesale Funding Guarantee Scheme

As reported on 2 December 2008 the Legal Services Board has been working with the Law Council of Australia to lobby the Federal Treasurer and Attorney-General to exempt solicitors' trust accounts from the fee for the Commonwealth's Deposit and Wholesale Funding Guarantee Scheme.

On 11 February 2009 Treasury officials formally advised the Law Council of Australia that the fee to access the Guarantee Scheme in respect of 'statutory trust accounts' will be waived. Treasury also indicated it is seeking the Law Council's assistance in identifying:

  • the legislation that gives rise to the relevant accounts;
  • the types of accounts in respect of the legal profession; and
  • 'other industries' that are similarly affected.

    • At this stage it is unclear when the waiver can be expected to commence or indeed how it will operate. Further information will be provided to practitioners as soon as it becomes available.

    5 February 2009

    $290,000 in grants announced

    The Attorney-General recently announced $290,000 in grants for eight projects across Victoria. The projects, funded by the Legal Services Board's Public Purpose Fund, will help enhance Victoria's legal system and make it more accessible to Victorians.

    The Attorney-General released a number of media releases discussing the grants program. See the Media Resources page to view these media releases.

    2 December 2008

    Commonwealth Government's Deposit and Wholesale Funding Guarantee Scheme

    The Legal Services Board has been working with the Law Council of Australia who have written to the Federal Treasurer and Attorney-General strenuously arguing that the deposits guarantee charge should not be applied to solicitors trust accounts. The submission letter highlights the potential inequities in the way the charge is calculated and the additional costs legal practices will incur if the charge is applied to solicitors trust accounts. All of the Law Societies have also written to their Attorneys-General in similar terms.

    The Board has written to the Victorian Attorney-General requesting his support for the Law Council of Australia submission for an exemption from the charge.

    The outcome of these submissions remains unknown at this time. Further information will be provided to practitioners as soon as it becomes available.

    Further information about the Deposit and Wholesale Funding Guarantee Scheme is available from www.guaranteescheme.gov.au

    5 November 2008

    2008 Annual Report now available

    The Legal Services Board Annual Report 2008 is now available from the Publications page.

    If you require a hard copy, please contact our office.

    22 August 2008

    Grants for legal projects now available

    Grants of up to $50,000 are available for projects aimed at improving Victoria's legal system under the 2008-09 Legal Services Board Grants Program.

    Applications for Project Grants close on Friday, 12 September 2008. Successful grants will be announced in early 2009.

    See the Grants page for further information.

    24 April 2008

    $1.1 Million in grants announced

    The Attorney-General recently announced $1.1 million in grants for 26 projects across Victoria. The projects, funded by the Legal Services Board’s Public Purpose Fund, will help enhance Victoria’s legal system and make it more accessible to Victorians.

    The Attorney-General released three media releases discussing the grants program. These media releases can be found at the Victorian Government Media Releases page.

    07 April 2008

    New Practising certificate form available

    The new practising certificate and accompanying notes are now available for download.

    Downloads are available from the Forms page of this website.

    26 March 2008

    Continuing Professional Development

    The recently made Legal Profession Rules 2008 have made changes to the mandatory continuing professional development regime in Victoria. There are now two sets of CPD rules that you need to be aware of should you decide to hold a practising certificate for the CPD year.

    Each CPD year runs from 1 April to 31 March.

    All local legal practitioners should be aware of the CPD Rules 2008 of the Legal Services Board.

    For full information and to download the Legal Services Board CPD Rules 2008, see the Continuing professional development page.

    13 November 2007

    2007 Annual Report now available

    The Legal Services Board Annual Report 2007 is now available from the Publications page.

    If you require a hard copy, please contact our office.

    4 October 2007

    VCAT Order in relation to Mark Morgan

    The Victorian Civil and Administrative Tribunal has ordered that the suspension of a lawyer’s practising certificate be lifted temporarily.

    Sole practitioner Mark Morgan applied to VCAT after his practising certificate was suspended by the Law Institute of Victoria, acting as the Legal Services Board’s delegate, on 13 September 2007.

    Judge Bowman ordered that the suspension be lifted for a period of approximately one month and that the hearing be adjourned for approximately a month.

    He also ordered that Mr Morgan provide information about a possible hearing date against his conviction for contempt of court.

    14 September 2007

    New grants for legal projects

    The Legal Services Board invites applications for grants for legal projects.

    The Board’s grants will be available in two rounds – Round 1 for projects with a budget of up to $50,000 and Round 2 for major grants.

    See more information and download the Guidelines and Application form.

    13 September 2007

    Lawyer’s Practising Certificate suspended

    The Law Institute of Victoria, acting as the Legal Services Board’s delegate, has resolved to suspend the Practising Certificate of Mark Morgan as of today.

    For more information, see Media Releases.