find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Insurance Lawyer (1-3 PAE)
Category: Insurance and Superannuation Law | Location: Sydney NSW 2000
· Join a dynamic Firm · Excellent career growth opportunity
View details
In-house lawyer 1-4 PAE
Category: Generalists - In House | Location: Adelaide SA 5000
· Leading Brand · Report to a Dynamic Legal Counsel
View details
Barristers don’t have time for SMSFs

Barristers don’t have time for SMSFs

A Melbourne barrister has encouraged time-poor legal professionals to consider direct investing and avoid the “overwhelming” administrative burden associated with self-managed super funds (SMSFs).

Campbell Horsfall (pictured) of Owen Dixon Chambers told Lawyers Weekly that the onerous compliance requirements of an SMSF add a time-consuming task to the pile of administration that self-employed barristers juggle on a daily basis.

“[Barristers] are responsible for lodging business activity statements every quarter and managing the cash flow ... that can fluctuate wildly ... and that takes juggling and financial nous,” he said.

An SMSF trustee for 13 years, Horsfall has since taken to direct investing through a super fund. He said that legalsuper’s Direct Investment Option allows him to buy and sell shares in the market without the administrative burden of an SMSF.

“If you’re a lawyer and you’re busy you’ve only got so much time and energy to put into a SMSF, and if part of that time and energy is going into compliance, you can take your eye off the ball a bit in terms of monitoring the market.”

Horsfall warned, however, that direct investing is not suitable for all legal professionals.

“The share market is very volatile and there’s plenty of scope to lose your money if you don’t carefully monitor what’s going on,” he said, advising those who don’t have a reasonable level of financial nous or time to monitor market activity to engage a financial planner.

But those barristers who do have an interest in the share market will enjoy having control over their stock portfolio, he added.

The chief executive of legalsuper, Andrew Proebstl, said that while SMSFs are popular with some members of the legal profession, others prefer the flexibility of direct investment, including active, sometimes daily, trading and the ability to build a portfolio.

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Barristers don’t have time for SMSFs
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Unite
Aug 22 2017
Professionals unite in support of marriage equality
The presidents of representative bodies for solicitors, barristers and doctors in NSW have come toge...
Aug 21 2017
Is your firm on the right track for gig economy gains?
Promoted by Crowd & Co. The way we do business, where we work, how we engage with workers, ev...
Scales of Justice, Victorian County Court, retiring judges
Aug 21 2017
Replacements named for retired Vic judges
Two new judicial officers have been appointed in the Victorian County Court, following the retire...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...