1964_SOLICITORS_(PROFESSIONAL_INDEMNITY)_RULES — Page 10

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M 10 CAP. 159]

Solicitors (Professional Indemnity) Rules

[1989 Ed.

[Subsidiary]

SCHEDULE 1

CONTRIBUTIONS TO FUND

[rules 2, 4 & 9]

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.

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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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 Page 10 Page 11

Baseline (Original)

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 23 131,000 132,500 134,000 over 23 but not exceeding 24 over 24 but not exceeding 25 over 25 but not exceeding 50 over 50 but not exceeding 75 over 75 but not exceeding 100 over 100 0.54% × gross fee income (subject to a maximum amount of $230,000) 0.46% x gross fee income (subject to a maximum amount of 285,000) 0.38% x gross fee income (subject to a maximum amount of $310,000) 0.31% x gross fee income Page 10Page 11

2026-05-05 13:13:25 · Baseline

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M 10 CAP. 159]

Solicitors (Professional Indemnity) Rules

[1989 Ed.

[Subsidiary]

SCHEDULE 1

CONTRIBUTIONS TO FUND

[rules 2, 4 & 9]

Obligation to make contributions

Calculation of contribution

(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

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

132,500

134,000

over 23 but not exceeding 24 over 24 but not exceeding 25 over 25 but not exceeding 50

over 50 but not exceeding 75

over 75 but not exceeding 100

over 100

0.54% × gross fee income (subject to a maximum amount of $230,000)

0.46% x gross fee income (subject to a maximum amount of 285,000)

0.38% x gross fee income (subject to a maximum amount of $310,000) 0.31% x gross fee income

1964_SOLICITORS_(PROFESSIONAL_INDEMNITY)_RULES — Page 10

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