Since The Law Foundation of Nova Scotia was established in 1976 by amendment to the Barristers and Solicitors Act, which is now the Legal Profession Act. 2004, c.28, s.1, its central purpose has been to receive from financial institutions the interest on lawyers’ pooled trust accounts, and to distribute the interest to grantees seeking to increase access to justice in accordance with the Foundation’s mandate.
Agreements between the financial institutions and the law foundation are usually tied to the current prime rate, and, are affected by the fluctuations in lawyers’ pooled trust account average monthly balances, thus the law foundation’s trust account interest revenue stream is highly variable.
Likewise, the annual grants amounts over the years reflect the changing revenue stream. This is illustrated in two charts – Trust Account Interest Revenues and Rates Since 2008 and Trust Account Interest Revenue and Grants 2009-2019.
Previous years’ revenues and grants can be found in past annual reports available for download, here.