Regulation - LGIC
Amendment to Contingency Fees Regulation under the Solicitors Act
Regulation Number(s):
563/20
Instrument Type:
Regulation - LGIC
Bill or Act:
Solicitors Act
Summary of Proposal:
The proposed amendments would include an updated standard form agreement to provide further options with respect to the structure of the contingency fee.
Sophisticated clients would continue to be exempt from the requirement to use a standard form agreement and would further be exempt from the requirement to include prescribed information in their contingency fee agreements.
Clients that are not considered to be sophisticated and whose agreement does not involve a percentage or proportion of the amount recovered by the clients, would not be required to use the standard form agreement but would be required to include prescribed information in their contingency fee agreements.
Sophisticated clients would continue to be exempt from the requirement to use a standard form agreement and would further be exempt from the requirement to include prescribed information in their contingency fee agreements.
Clients that are not considered to be sophisticated and whose agreement does not involve a percentage or proportion of the amount recovered by the clients, would not be required to use the standard form agreement but would be required to include prescribed information in their contingency fee agreements.
Analysis of Regulatory Impact:
There are no administrative costs associated with this amendment.
Further Information:
Proposal Number:
21-MAG043
Posting Date:
November 3, 2021
Comments Due Date:
November 17, 2021
Contact Address:
Ministry of the Attorney General
Corporate Policy Unit
720 Bay Street, 3rd Floor
Toronto, ON M7A 2S9
Corporate Policy Unit
720 Bay Street, 3rd Floor
Toronto, ON M7A 2S9