News and Information
June 29, 2010
Highlights of the June 17, 2010, Virginia State Bar Council Meeting
At its meeting on June 17, 2010, in Virginia Beach, the Virginia State Bar Council heard the following significant reports and took the following actions:
BudgetThe council approved a proposed budget of $12.3 million for 2010–11, which represents an increase of $230,000 over FY 2010, due to a 3 percent bonus for the bar staff, which has not received a raise since November 2007.
Rule 1.15 Changes ApprovedThe council approved the Ethics Committee’s proposed amendments to the Rules of Professional Conduct 1.15, the Rules of the Virginia Supreme Court Part 6, § IV, ¶ 20, and the trust account notification agreement. The proposal will be sent to the Court for its consideration. Details
ALPSExecutive Vice President Christopher L. Newbold reported that, over the last four years, ALPS has experienced a marked increase in the Virginia loss ratio and the claims frequency ratio. As a result, ALPS has adjusted an aspect of its underwriting formula specific to Virginia risk factors (the Virginia relativity factor) by reducing a credit it had ordinarily applied to Virginia law firms from 39 percent to 35 percent. This may result in increased premiums for some firms. Newbold reported that ALPS is financially strong with $30,000,000 in policy holder surplus and maintains an A-minus (Excellent) A.M. Best rating.
Diversity ConferenceThe new VSB Diversity Conference has its first board of governors, appointed by outgoing president Jon D. Huddleston. Officers are Manuel A. Capsalis of Arlington, chair; Michael HuYoung of Richmond, vice chair; Linda Y. Lambert of Richmond, secretary; and Edward L. Weiner of Fairfax, treasurer. The conference must raise private funds to support its operations.
Strategic Planning SessionThe 2010 VSB Strategic Plan sets out five goals in support of the VSB mission statement and outlines strategies to implement those goals. The goals are protecting the public, regulating the profession, advancing access to legal services, improving the legal profession and judicial system, and operating the bar.
Updated: Jun 29, 2010