Schedule 10 Amendment of Legal Profession Regulation 2005

(Section 5)

[1]   Clause 24 Restriction on advertising personal injury services

Omit “100 penalty units” from clause 24 (1).

Insert instead “200 penalty units”.

[2]   Clause 34 Restrictions on personal injury advertisements

Omit “100 penalty units” wherever occurring.

Insert instead “200 penalty units”.

[3]   Clause 110A

Omit the clause. Insert instead:

  

110A   Interest on unpaid legal costs—section 321 (4) (b) of the Act

(1)  This clause is made for the purposes of section 321 (4) (b) of the Act and prescribes the rate of interest in excess of which a law practice may not charge interest under section 321 of the Act or under a costs agreement.

(2)  The rate for the period commencing with 1 October 2005 and ending immediately before the date of commencement of subclause (3) is 9%.

(3)  The rate for the period commencing with the date of commencement of this subclause is the rate that is equal to the Cash Rate Target as at the relevant date, increased by 2 percentage points.

(4)  In this clause:

Cash Rate Target means the percentage (or maximum percentage) specified by the Reserve Bank of Australia as the Cash Rate Target.

relevant date means the date the bill was issued by the law practice concerned.