BarTalk August 2002
Volume 14, Number 4

Law Foundation Chair, Don Silversides, QC commends Bank of Montreal for its commitment to paying a competitive rate of return on lawyers’ pooled trust accounts. Recognizing the severe overall impact of low interest rates on the Law Foundation’s revenues, a new interest rate agreement was recently concluded.

As of May 1, 2002, interest paid to the Law Foundation on lawyers’ pooled trust accounts will be at a rate of prime less 3.00 per cent, with no service charges. Thanks to David Fraser, Senior Commercial Sales Leader Vancouver Centre, and Janice Phelps, Senior Commercial Service Manager, for ensuring that Bank of Montreal remained competitive in addressing customer’s needs.

Increased revenues enable the Law Foundation to fund programs that make the justice system accessible to British Columbians, particularly those who have the greatest access problems as a result of their economic, social, physical or mental special needs. The funded programs include both professional and public legal education, law reform, legal research, legal aid and law libraries.

The CBABC, the Law Foundation, and the Law Society encourage lawyers to consider which financial institutions provide the best support to the Law Foundation when deciding where to place their trust accounts.

This article was published in the August 2002 issue of BarTalk and is subject to the copyright by the British Columbia Branch of the Canadian Bar Association, 2005, all rights reserved.