Insurance and risk management services for the better practice of law

LPLC has seen claims against solicitors where client money is transferred internationally to a bank account in the wrong currency. In these instances clients typically look to recover the shortfall arising from the exchange rate spread, along with associated transaction costs, from the practitioner.

Never assume a client's preference. Before transferring funds overseas, always first confirm the currency in which money is to be sent.

Our December LIJ article provides some tips on how to reduce risk when acting in these matters.

Further changes are being made to defamation laws in multiple Australian jurisdictions — including Victoria — especially with respect to online publications.

Practitioners should ensure they're across these 'Stage 2’ reforms to the Model Defamation Provisions, and be aware of the risks involved when acting in defamation matters.

This article identifies some of the key changes and associated risks for defamation practitioners.

Cultivating a risk management culture within a firm is an essential part of effective supervision. This responsibility extends beyond simply implementing policies and procedures—it involves fostering a culture of risk awareness throughout the entire team.

The requirement for a risk focus is even more critical when undertaking work remotely, where physical separation can lead to issues not getting the required attention.

One of the best defences against social engineering and email compromise is training and awareness for all employees at the firm. Regular training helps staff stay informed about the latest cyber fraud tactics, particularly as cybercriminals grow more sophisticated.

Our LPLC article discusses training requirements under the Victorian Legal Services Board's Minimum Cybersecurity Expectations and for those using electronic conveyancing platforms, as well as the benefits of cybersecurity training for all staff.

Firms that implement a Cybersecurity Incident Response Plan are better positioned to mitigate the effects of a cyber-attack and fulfill their responsibility to protect their clients, their practice, and their reputation.

This article covers what such a plan entails, why they're necessary, and some steps towards developing an effective one for your firm.

In historic institutional child abuse claims, we are continuing to see requests by some defendants for plaintiff’s solicitors to provide an independent solicitor certificate on settlement of the plaintiff’s claim.

The certificates typically contain statements to the effect that the solicitor acting for the plaintiff has explained to the plaintiff the purport and effect of the settlement deed, the plaintiff appeared to have understood that advice, and that the deed was signed voluntarily.

In this LPLC article we explain why providing certificates in these cases is risky, and recommend that practitioners decline any requests made to do them.