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GAZETTE
MAY-JUNE
inception has been exceptionally satisfactory. In brief, the
unit cost at inception, after expenses, was 97.5Op and was
valued at the 1st March last at 127.05p. This indicated a
gain over the two year period of 29.5 5p free of tax, which
averages out at just under 15p per annum.
Least satisfaction can perhaps be expressed on the
number of members participating in the Funds. While
there has been a satisfactory increase in the numbers
joining the Fund and a sizeable upsurge in interest and
enquiries received from prospective members, there are
many others who are not forthcoming, at this juncture at
least. Members of the Society will be aware of the efforts
being made to encourage mambers to participate, and it is
hoped that the success of the Scheme and the
achievements reported on will lead to support from a
wider selection of members as soon as their commitments
permit. So that all members will fully appreciate the
advantages of the Scheme, it is intended that officers of
the Society in association with the Trustee, the Investment
Bank of Ireland, will make an intensive promotion drive in
the Autumn. Also, in view of the terms of this year's
Finance Bill, it is of particular importance that members
who have not yet settled their tax situation for previous
years should discuss the possibility of participation in the
Scheme with their accountants.
The Life Cover option of the Scheme should be of
particular interest to the younger solicitor, who at this
stage possibly has large commitments and little resources.
It is a facet of the plan which principals in practice might
bear in mind when considering the remuneration of their
assistants.
Membership of the Income Continuance plan
continues to grow steadily. The cover offered is vital to
every Solicitor, but is particularly recommended to
younger members of the profession who should take the
opportunity of utilising the lower rates whcih are available
at the younger ages. When one is disabled it is too late to
effect disability cover, and the obvious time for action is
when one is in good health. It should be noted that the
Income Continuance Plan has been specifically designed
for professional people, and contains many aspects of
cover not readily available on the individual market.
Concluding my remarks, I would like to express my
appreciation to the Trustees in the person of Mr.
Cummins, who is here with us today and Mr. Browne of
the Trustee Department of the Bank of Ireland, the
Investment Manager, Mr. Harvey-Kelly, Bank of Ireland,
the actuary, Mr. Reddin and Irish Pensions Trust, in the
person of Mr. Hoffman, who deals with the Income
Continuance Plan. I would also like to thank Mr. P. J.
Connolly, A.C.A., who has audited the accounts of the
Fund.
Education Programme:
Mr. M. Curran, Chairman, Education Committee
presented a detailed report on the Society's future
educational programme due to come into effect on 1st
September, 1978. He emphasised that under the new
programme apprentice intake would be limited to 150
persons per annum and that discussions were proceeding
with the University Colleges as to how this might be
achieved, bearing in mind the need to provide lectures in
the core subjects for non-law degree students. It is hoped
to reach finality in the discussions with the University
Colleges by the summer.
Premises
Mrs. Quinlan reported on developments to date in
Blackhall Place and in Solicitors Buildings, Four Courts.
It had been decided to defer a deicsion on the
development of the Chapel area (Stage III) for the time
being but to proceed with the provision of overnight
accommodation. Mr. Pierse thought that the only
appeal to the country man would be the availability of
overnight accommodation and he wondered if the 6
rooms proposed would be sufficient. In reply to a query
from Mr. B. O'Connor, Mr. Hickey explained that in
commencing the work the Society had £200,000 in hands
together with a 7-year term loan of £250,000 and it
hoped to realize about £175,000 for the sale of part of
Solicitors' Buildings. The total cost of the project in
Blackhall Place would be between £600,000 and
£700,000. Mr. Hickey then introduced Mr. John
Connolly, Development Director, to the Meeting. Mr.
Connolly detailed the Fund Raising Project and his
approach to it for the members and dealt with queries
raised. Concluding his comments, Mr. Connolly, thanked
the Bar Associations and the individual members for the
manner in which they had received him.
Irish Auctioneers & Valuers Institute:
Joint Auctioneer - Solicitor Action on Sales:
Mr. Osborne explained that when the previous
proposal had been circulated to the profession, it
provoked an adverse re-action. The revised proposal
which had now been circulated had been worked out in
consultation between the Institute and representatives of
the Society. The opportunity afforded by the General
Meeting was being used to test the feelings of the
members in regard to the proposal. In the discussion
which followed reference was made to the increased
responsibility being placed on members. The general
reaction of the members was that any scheme which did
not provide for the deposit being held by the solicitor,
would not be acceptable. Members commented adversely
on the growing practice of seeking substantial booking
deposits prior to contract where the clients interest was
completely unprotected. At the conclusion of the
discussion the meeting decided that the proposal be
referred back to committee for further consideration and
report in light of the points discussed.
National Prices Commission Inquiry:
Mr. Osborne and the Director General presented a
comprehensive report on the situation. In answer to those
members who urged an early application for the revision
of District and Circuit Court costs, it was explained that
the Costs Committee had decided to defer making such
an application, until the Commission had disposed of the
Society's submission (already made) on the many
unacceptable and incorrectly based arguments and
conc l us i ons contained in the Consu l t ant 's
Recommendations and in the Commission's Report by
reason of the importance of these points in the
establishment of a proper base for the assessment of
increases in fees now and for the future. Mr. Crivon
stressed the need for urgent action, since after paying
staff and other overheads, members had little left for
themselves and that remainder was decreasing rapidly.
He considered that the Society should be far more
(concluded on page 80)
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