Insurance and risk management services for the better practice of law

When buying property, nominating a new or different purchaser can be risky.

Under s32J of the Duties Act 2000, nomination after the lodgment of an application for a planning or building permit or other land development activity results in a sub-sale and a liability to pay a second amount of duty.

LPLC continues to see new ‘double duty’ claims indicating that there are still misconceptions amongst some practitioners and purchasers about what land development means and about the timing for completing nomination forms.

Our article explores these issues and the critical points in transactions where practitioners can advise purchaser clients of nomination risk and double duty.

An inadvertent leak of sensitive information is a serious lapse of a lawyer’s duty to keep client information confidential.

Understanding how data leaks occur and how to prevent them should be part of every lawyer’s cybersecurity toolkit.

Our LIJ article this month covers some of the most common ways data from law firms is leaked, along with straightforward strategies for prevention.

A 'subject to finance' clause imposes a number of things that purchasers must do, usually within a tight time frame, before they can use the clause to end the contract.

LPLC sees claims arise when clients don’t understand their obligations and practitioners don’t appropriately manage the time frames.

This article discusses some of the risk issues associated with contracts that are ‘subject to finance’, with case examples and tips on how to manage those risks.

Artificial Intelligence (AI) tools offer benefits and challenges to lawyers that are best managed through clear risk management principles, robust policies, and an awareness of the risks inherent in AI usage.

Our LIJ article this month explains how generative AI tools can get things wrong, and sets out the importance of AI usage policies in mitigating risk.

There’s been a lot happening in property taxes so LPLC has produced a Property Taxes Guide (Victoria) to help practitioners get across it.

The guide provides an overview of some of the common property taxes practitioners’ should identify, outlines details of the risks we have seen emerge from recent claims, and provides links to further information.

Download and save the full guide, or view it tax by tax. This is a resource that will be useful for future reference, as an information source for staff in law firms and even as a base for discussion.

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.