M 10 CAP. 159]
Solicitors (Professional Indemnity) Rules
[1989 Ed.
[Subsidiary]
SCHEDULE 1
CONTRIBUTIONS TO FUND
[rules 2, 4 & 9]
1.
Obligation to make contributions
Every principal in Practice shall, in respect of himself and of all assistant solicitors and consultants in his firm, make or cause to be made the contributions as are set out in paragraph 2 in respect of that Practice.
2.
Calculation of contribution
(1) (a) Save in the case referred to in subparagraph (2) (when the amount of contribution shall be assessed by the Company as therein provided) the amount of all contributions for the first indemnity period and for each subsequent indemnity period shall be calculated-
(i) according to the formula-
Where--
* multiplied by;
C = (N*$8,500) + (M*$5,500) + S
C = the amount (subject to any appropriate adjustment made under subparagraph (3)) of the basic contribution which may also be the contribution;
N = number of principals (as at 31 July immediately preceding such indemnity period);
M = number of assistant solicitors and consultants (as at 31 July immediately preceding such indemnity period); and
S = the amount established from the following table-
Gross fee income of the firm $ Million Amount $
over 0 but not exceeding 5 1.12% x gross fee income
over 5 but not exceeding 6 60,000
over 6 but not exceeding 7 68,000
over 7 but not exceeding 8 76,500
over 8 but not exceeding 9 83,500
over 9 but not exceeding 10 90,000
over 10 but not exceeding 11 96,500
over 11 but not exceeding 12 102,000
over 12 but not exceeding 13 107,000
over 13 but not exceeding 14 112,000
over 14 but not exceeding 15 116,000
over 15 but not exceeding 16 119,000
over 16 but not exceeding 17 121,000
over 17 but not exceeding 18 123,000
over 18 but not exceeding 19 125,000
over 19 but not exceeding 20 126,500
over 20 but not exceeding 21 128,000
over 21 but not exceeding 22 129,500
over 22 but not exceeding 23 131,000
over 23 but not exceeding 24 132,500
over 24 but not exceeding 25 134,000
over 25 but not exceeding 50 0.54% × gross fee income (subject to a maximum amount of $230,000)
over 50 but not exceeding 75 0.46% x gross fee income (subject to a maximum amount of $285,000)
over 75 but not exceeding 100 0.38% x gross fee income (subject to a maximum amount of $310,000)
over 100 0.31% x gross fee income
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