Executive Director’s Message CPF continued from page 12 In 2011, the VSB payee notifi cation task force recommended strengthening the CPF by raising limits from $50,000 to $100,000 per claimant and increasing maximum payments for each defal-cating attorney from 10 percent to 15 percent of the net worth of the CPF. In 2013, a second actuarial study analyzed the effect of the increase on limits and recommended continuation of the assessment. As of FY 2014, the CPF had not achieved the $9 million benchmark; the balance was slightly less than $7 million, and the average yield on the conservative investments per-mitted the CPF (certifi cates of deposit, US governmental securities, and federal agency securities) was lower than the investment yield that formed the basis of the 2005 actuarial projections. Assessment Extended In 2014, at the request of the VSB, the General Assembly extended the assess-ment from 2015 to 2020. On September 28, 2017, the Supreme Court of Virginia amended Paragraph 16 of Part Six, Section IV of the Rules of Court governing the Virginia State Bar, reducing the amount Virginia’s active lawyers are required to pay to the Clients’ Protection Fund from $25 to $10, effective July 1, 2018. As of September 30, 2017, the fund has grown to approximately $9.7 million. With approximately 31,000 active members, the $10 assessment plus interest income will sustain payments of $330,000 per year, which should be adequate to cover the average per year of claims approved over the last fi ve years. The corpus of the fund will be available to cover any extraordinary needs in the event of a large-scale defalcation. The CPF Board has determined that a more vigorous effort is necessary to ensure that the public is aware of the existence of the fund and those who should bene-fi t from the fund have access to it. The Virginia State Bar received permission from its governing body, Council, at its October 27, 2017, meeting to proceed with asking the General Assembly to amend Va. Code § 54.1-3913.1 to provide for a three-year extension beyond 2020. The Supreme Court of Virginia must also approve such a legislative endeavor. For over 40 years, the VSB Clients’ Protection Fund has compensated clients who have suffered fi nancial losses resulting from the dishonest conduct of Virginia lawyers whose licenses have been suspended or revoked. The fund is a critical component of self-regulation. Should you have any questions regarding the Clients’ Protection Fund or continuation of the assessment, feel free to contact me at gould@vsb.org. Fee Dispute Resolution Program Con fi dential help for substance abuse problems and mental health issues. For more information, call our toll free number: Now that your work is done, do you fi nd yourself in a dispute with your client over fees and costs? The Virginia State Bar offers another way to settle those disputes, without resorting to costly litigation. The Special Committee on the Resolution of Fee Disputes oversees the Fee Dispute Resolution Program to provide an avenue, other than litigation, for the expeditious and satisfactory resolution of fee disputes between attorneys and their clients through mediation and uniform arbitration proceedings and works to foster trust and communication among attorneys and clients. For information on the program, go to our website at www.vsb.org/site/about/resolution-of-fee-disputes. (877) LHL-INVA or visit http://www.valhl.org. 14 VIRGINIA LAWYER | December 2017 | Vol. 66 www.vsb.org