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.