There is more to retainer management than simply complying with legislative cost disclosure requirements. A critical part of managing a retainer effectively is setting it up clearly at the start. Getting it right in the first place is the best risk management approach. Not only should you document what you will do, but also what you won’t do.
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Regular file audits are a crucial aspect of effective practice management, ensuring compliance with key procedures. By conducting audits, the firm can proactively identify and mitigate risks, improve processes, and maintain consistently high-quality work across all client matters. These audits not only highlight unmanaged risks but also reveal opportunities to enhance practices and procedures.
This brochure is provided by LPLC as a template for lawyers to use for client information purposes. The brochure outlines what the law firm will do when acting for a client and makes recommendations to the client about what they should do to maintain cyber security. Firms can tailor the wording to suit their needs and insert their own branding or to use the sample brochure as it is.
Cultivating a risk management culture within a firm is an essential part of effective supervision.
The LPLC Annual Report for 2023–2024 was tabled in the Victorian Parliament on 31 October 2024.
The Victorian Government has introduced the State Tax Amendment Bill 2024 which, amongst other taxation changes, will (if passed) broaden the holiday home exemption to allow shareholders of companies, as well as certain beneficiaries of trusts and relatives of those shareholders and beneficiaries, to satisfy the exemption for a property owned by a company or trust.
The State Taxation Acts and Other Acts Amendment Act 2023 received Royal Assent on 12 December 2023. The new law introduces significant property tax changes in Victoria with effect from 1 January 2024.
