What are the application criteria?
The application is made in the name of the law firm and the criteria relate to the Legal Practitioner (sole practitioner).
The applicant must:
• Be an admitted Legal Practitioner;
• Lack funds / assets to finance the law firm’s basic operational needs;
• Provide a business plan, marketing plan and cash flow statement;
• Have the capacity to become an efficient and proficient legal practitioner;
• Learn how to establish and run a successful business;
• Conduct a sustainable practice;
• Recognise and accept his/her responsibility to repay the full amount;
• Be within acceptable margins as a business risk.
• Be in good standing with his/her statutory, provincial law society.
• Have registered for, be exempted from, or have undertaken to enrol for the mandatory Practice Management Training.
Notes
i. The applicant must note that no direct cash requests will be considered and the Fund is not a bank .
ii. The LPDF reserves the right to request additional information and/or details about any information provided.
How does the application process work?
Before any assistance is provided, the LPDF’s Applications Committee reviews and evaluates the law firm’s application. This assessment is performed as part of a due diligence exercise to ensure that the law firm has the potential to grow into a successful business and sustainable practice.
Loan Agreement
All successful applicants will be required to enter into a loan agreement with the LPDF and to repay the LPDF for resources provided over a prescribed period, interest free.
