[8] Contingency fee agreements are governed by the Solicitors Act, R.S.O. 1990, c. S.15. Section 5 of Contingency Fee Agreements, O. Reg. 195/04, made pursuant to the Solicitors Act, provides:
5. (1) A solicitor for a person under disability represented by a litigation guardian with whom the solicitor is entering into a contingency fee agreement shall,
(a) apply to a judge for approval of the agreement before the agreement is finalized; or
(b) include the agreement as part of the motion or application for approval of a settlement or a consent judgment under rule 7.08 of the Rules of Civil Procedure.
(2) In this section,
“person under disability” means a person under disability for the purposes of the Rules of Civil Procedure. [emphasis added]
[9] On May 21, 2013, I dismissed the motion for the approval of the CFA since it did not comply with s. 5 of the Regulation. The court informed Counsel that the application could be renewed if and when an approval of a settlement or consent judgment is sought under Rule 7.08. The court must assess the fairness and reasonableness of the agreement and give effect to it if it finds the agreement is fair and reasonable.
[14] The sole outstanding issue relates to the legal fees, disbursements and H.S.T. Counsel proposes to allocate to Elizabeth Smith in the aggregate amount of $738,618.54. If approved counsel would receive $1,040,000 for fees, $135,000 for G.S.T. and $80,000 for disbursements: an aggregate amount of $1,255,200 for its work on this entire action.