The State Bar of California Trustees approve the 2024 budget, including measures to mitigate the impending budget deficit

The State Bar of California trustees have approved the 2024 budget. This budget is key in mitigating the impending insolvency of the State Bar of California General Fund, including utilising proceeds from the previous year’s building sale to mitigate an ongoing structural deficit.

Bar-wide revenue is projected at $428.9 million, while expenses stand at $400.9 million, with a significant portion allocated to grant funding for legal aid organizations. However, the State Bar’s General Fund faces a deficit of $22.1 million, jeopardizing disciplinary functions and other operations.

Without a fee increase, the General Fund is projected to become insolvent in 2025. The annual attorney licensing fee, set by the Legislature, remains largely unchanged since 1998.

Read the full story here.

Brought to you by ICLR.