Expect the unexpected

3 September, 2018

Conveyancing practitioners need to look for non-standard transactions. Victorian law practices act in hundreds of conveyancing transactions every week worth millions of dollars. Conveyancing transactions invariably comprise many moving parts with the potential for things to go wrong, but usually they do not. The challenge is how to maintain your curiosity and vigilance to ensure […]

Continue Reading

When to say goodbye

1 August, 2018

Practitioners should act decisively on non-performing clients. Practitioners need to proactively manage clients who do not appreciate the value of their services. This includes knowing when to act decisively by not accepting a retainer or terminating a retainer within r13.1 of the Legal Profession Uniform Law Australian Solicitors’ Conduct Rules 2015. Clients who do not value your services heighten your risks and […]

Continue Reading

When parents lend to children

1 July, 2018

Be alert to the risks when advising on parent loans to home buyers. Last year, financial services comparison site Mozo reported that young home buyers in Australia have borrowed $65.3 billion from their families, making the bank of Mum and Dad the country’s fifth biggest lender. The June 2018 LPLC column “Take a step back” […]

Continue Reading

Take a step back

1 June, 2018

Seeing the big picture is essential for good matter management. Experienced busy practitioners practising in their area of expertise are still at risk of claims. Unless you take time to stop and think about each matter it is easy to assume it is just like the last one you worked on. Don’t get so caught […]

Continue Reading

Post mortem risk management

1 May, 2018

Good risk management includes analysing mistakes and learning from them. IWhat has a post mortem examination to do with risk management? A doctor conducting a post mortem thoroughly examines the deceased to try to determine the cause and manner of death. The results are also useful for research and educational purposes. Consider doing a post […]

Continue Reading

Conveyancing claims on the rise

1 April, 2018

What risk management practices are you doing to avoid a conveyancing claim? In 2016/17 LPLC received 127 conveyancing claims and notifications which represented approximately 30 per cent of all claims and notifications received that year. The cost is currently estimated to be in excess of $10 million. This represents an increase in both the number […]

Continue Reading

Will it be right?

1 March, 2018

Mistakes in the preparation of wills can be avoided with careful proofreading. In the 2016-17 policy year, wills and estates claims accounted for 11.7 per cent of the total cost of claims and 8.4 per cent of the total number. In the previous 10-year period, these figures were 6.8 per cent and 3.2 per cent […]

Continue Reading

What is your cover for cyber attacks

1 March, 2018

Only some security risks are covered by LPLC’s professional indemnity insurance. Cyber security risks should be at the forefront of practitioners’ minds in this current environment. These risks come in many forms and only some of them are covered by LPLC’s professional indemnity insurance policy. In essence, the policy covers any civil liability resulting from […]

Continue Reading

Deputy takes the helm

6 February, 2018

The Legal Practitioners’ Liability Committee welcomes its new CEO. Justin Toohey took over as CEO of the LPLC on 1 January following the retirement of Miranda Milne, who had held the role since 1996. Previously deputy CEO and head of claims since 2005, he is committed to strengthening LPLC’s relationships with all its stakeholders. “I […]

Continue Reading

Use counsel wisely

1 February, 2018

Think about your approach to accepting work and briefing counsel. LPLC receives claims that can be attributed to practitioners’ over-reliance on, or poor briefing of, a barrister. In some instances, the practitioner acts outside their area of expertise and thinks they can just brief a barrister. In others, they fail to adopt a proactive approach […]

Continue Reading