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2013 Annual Report: Performance Highlights

Financial Statements

The Law Society of Upper Canada’s (“the Society”) audited financial statements present the operational results and financial position of the General Fund, the Compensation Fund, the Errors & Omissions Insurance Fund (“E&O Fund”) and other restricted funds. Separate financial statements have been prepared for the Society’s subsidiaries: Lawyers’ Professional Indemnity Company (“LAWPRO”) and LibraryCo Inc. (“LibraryCo”).

The annual financial statements were approved by Convocation on April 24, 2014, and show the Society continues to maintain a strong financial position.

Summary of Financial Performance

The Society is reporting an operating surplus of $3.8 million in 2013, compared to $5.1 million in 2012. The lawyer and paralegal General Fund, which reports the bulk of the Society’s operations, had a surplus of $2.4 million (2012 – $276,000) during the year.

  • Regulatory and professional development & competence expenses were held at 2012 levels and were under budget by $2.8 million.
  • Continuing professional development revenues slightly exceeded 2012 levels and were also higher than budget. The related expenses were less than 2012 as budgeted.

The Compensation Fund balance increased by $534,000 due to favourable developments in the provision for unpaid grants and investment income.

For more information, view the full 2013 Financial Statements here.