Assessment of attorneys; reserve; enforcement

(1) Initial assessment. Every attorney shall pay to the fund an initial assessment of $5. (2) Annual assessments; reserve. (a) Annual assessments. Commencing with the state bar's 2022 fiscal year, every attorney shall pay to the fund an annual assessment of $25. An attorney whose annual state bar membership dues are waived for hardship shall be excused from the payment of the annual assessment for that year. An attorney shall be excused from the payment of the annual assessment for the fiscal year during which he or she is admitted to practice in Wisconsin. (b) Reserve. As of May 1 of each year, any funds in excess of those required for payment of approved claims shall be maintained in a reserve account for the Wisconsin Lawyers Fund for Client Protection. (3) Sufficiency; report. (a) Sufficiency of the fund. The committee shall determine the net value of the fund as of May 1 of each year. The committee shall determine the net value of the fund, including the reserve, after deducting all claims which the committee has determined to pay and which are not disposed of at the date of valuation, deferred claims, claims received but not yet considered by the committee, and all expenses properly chargeable against the fund. (b) Report. The committee shall file a report of the net value of the fund with the supreme court by May 31 of each year. (4) Collection; failure to pay. The initial assessment and annual assessments shall be collected at the same time and in the same manner as the annual membership dues for the state bar are collected. An attorney who fails to timely pay the initial assessment or any annual assessment shall have his or her right to practice law suspended pursuant to SCR 10.03(6). (5) Periodic review. The supreme court shall review SCR 12.07 every five years to determine if the assessment and reserve fund is 55 adequate to timely meet the legitimate claims of clients.