A good precedent

3 December, 2018

Using precedent documents effectively is essential risk management Most practitioners understand the value of having good precedents and it is an important investment for any firm irrespective of its areas of practice. However, precedents are not just a set and forget tool. If not used and maintained properly, precedents can increase your risk. Previous matter documents are not precedents Sometimes […]

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Be secure when advising lenders

1 November, 2018

Making assumptions about your retainer with longstanding lender clients is risky In 2017/18, mortgage matters accounted for 19 per cent of LPLC’s total claims cost. Most of that cost was attributable to practitioners failing to ensure the lender client had adequate security. These mistakes are sometimes made by practitioners acting for private lenders who they […]

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What can go wrong?

1 October, 2018

Every firm needs to develop risk management strategies As part of managing a practice, you need to invest time in identifying what can go wrong in your matters and devise appropriate risk management strategies. You should not assume knowing the law in your areas of practice and being diligent in your work is enough to […]

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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 […]

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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 […]

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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” […]

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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 […]

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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 […]

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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 […]

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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 […]

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