Victoria’s legal regulators oversee a Public Purpose Fund holding more than $6 billion in assets. By comparison, Western Australia’s equivalent fund holds approximately $14 million.
The PPF is funded largely through interest earned on client trust money, along side practising fees and disciplinary fines. Its stated purpose is to fund legal regulation and support access to justice initiatives.
But the scale of accumulated surplus raises legitimate public interest questions.
How much is enough?
Why are surpluses growing?
And are these funds being used optimally for the benefit of the public?
In New South Wales, excessive PPF surpluses led to reform. Funds were drawn down to support public services rather than stockpiled indefinitely.
Victoria has not undertaken a comparable review.
Given that the Legal Services Board is not clearly classified as a public authority, transparency around fund management is limited. Yet the money exists because lawyers hold client funds in trust — a public responsibility.
An independent inquiry could examine whether PPF governance, investment strategy and distribution remain appropriate — and whether surplus funds should be more actively deployed to support access to justice.
Sunlight is not a threat. It is a safeguard.