The Executive has moved to waive the requirement for active members to pay the Compensation Fund Assessment for a period of two years, after which the Executive will carry out a review to determine whether to reset the assessment.
The Legal Professions Act, 2017 requires that the Law Society of Yukon maintain a Compensation Fund to reimburse persons for pecuniary losses sustained because of the misappropriation or wrongful conversion by a member of property entrusted to or received by them in relation to their provision of legal services in the Yukon. The funds in the Compensation Fund may only be used for this purpose.
Following a review of an actuarial report on the Compensation Fund, including a risk, income and surplus analysis, the Law Society’s Financial Review Sub-Committee recommended to the Executive that the Compensation Fund levy (previously set at $100/active member), be waived for two years.
The waiver of the compensation fund levy will apply to all 2024 active membership renewals.
Members will receive a notice with respect to renewing their membership for the 2024 membership year shortly, which will include an invoice based on your current status. This invoice will reflect the recent changes in fees as well as the elimination of the requirement to pay the compensation fund levy.