Law Society Board approves 2023 budget focused on public interest obligations, transformation and efficiencies

TORONTO, Oct. 27, 2022 /CNW/ - Today, the Law Society of Ontario's governing body (Convocation) approved the organization's 2023 budget. This budget marks a return to regular business operations post-pandemic and continues to ensure the Law Society is supporting its public interest obligations and corporate objectives, while incorporating ongoing savings and process improvements implemented during the pandemic.

In addition to resuming operational activities impacted by the pandemic, the 2023 budget takes into account a significant increase in claims activity in the lawyer pool of the Compensation Fund over the latter part of 2021, continuing throughout 2022, and anticipates continued financial pressures such as market volatility, and inflation rates.

"The theme for 2023 is transformation," said Law Society Chief Executive Officer Diana Miles. "The organization has achieved significant milestones in the past two years despite a challenging work environment, and this budget continues to support our important regulatory work in the public interest."

Budget years 2020, 2021 and 2022 included substantial decreases in annual fees for licensees, totalling $388 for lawyers and $160 for paralegals, because of proactive changes in workflows, burden reduction activities, and savings resulting from the impacts of the pandemic. While fees for licensees will increase in 2023, they remain lower than the annual fee in 2018, despite inflationary increases. The 2023 budget uses fund balances resulting from pandemic savings to mitigate fee increases while ensuring that Law Society operations are not compromised. Lawyer's fees for 2023 will be $1,981 (from $1,813) and for paralegals will be $1,035 (from $955).

"This budget strikes a good balance between expenditures on priority objectives and the implementation of new policies and programs that will move the legal professions forward, while at the same time ensuring financial stability for the organization over the long-term," said Treasurer Jacqueline Horvat.

The 2023 budget includes funding of $9.6 million to support LiRN Inc. and the operation of the 48 county law libraries in the system. The LiRN network is an integral source of legal information and law library services across Ontario.

Budgetary expenses also facilitate various initiatives approved by Convocation, including the creation of an online Practice Essentials Course that will be mandatory as of January 2024, for licensees within one year of setting up as a sole practitioner for the first time, and implementation of Experiential Training Enhancements to foster entry-level competence amongst licensees.

Additionally, as one of the legal professions' most iconic sites, Osgoode Hall and its grounds are heritage-designated and the Law Society is entrusted with its preservation. The budget allows for essential facilities infrastructure repairs, while respecting and maintaining the building's heritage, in accordance with a 10-year Facilities Conditions Assessment completed in 2020. This includes significant capital repairs and restoration to the south wing of the Osgoode Hall building, costing approximately $3.8 million.

"I would like to extend my appreciation to CEO Diana Miles; the Law Society's leadership team; members of the Audit and Finance Committee and Committee Chair Sidney Troister," added Horvat. "This budget is forward-thinking and will enhance our ability to fulfill our mandate to protect the public."

The report to Convocation on the 2023 budget is available online.

The Law Society regulates lawyers and paralegals in Ontario in the public interest. The Law Society has a mandate to protect the public interest, to maintain and advance the cause of justice and the rule of law, to facilitate access to justice for the people of Ontario and to act in a timely, open and efficient manner.

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SOURCE The Law Society of Ontario

Media contact: Jennifer Wing, Senior Communications Advisor, External Relations and Communications, [email protected].