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Risk Management

LPLC is committed to helping our insured practitioners manage the risks of practice. We combine a wealth of experience in private practice and handling claims with risk management knowledge and expertise from around the world.

LPLC has a dedicated risk management team. Our risk managers are constantly analysing our data, liaising with global and Australian experts and talking to our insured practitioners to ensure that LPLC continues to deliver topical and practical risk management solutions.

We provide a comprehensive education program that assists firms in raising the level of risk awareness among their employees and partners and managing those risks. Our services include in-house workshops (for larger firms) and group seminars (for small practices). We also provide benchmarking and tailored risk management advice in order to assist our firms in building effective risk management systems.

For further risk management resources please choose a resource from the menu.


 

17 May 2019

How to avoid the traps

By Caroline Drew of Obst Legal Introduction Acting on behalf of purchasers of land is a common occurrence for many practitioners. Most of the time the transaction runs smoothly with the client becoming the new owner of exactly what was intended. However, not every transaction is the same and practitioners need to be wary of […]

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16 May 2019

Law Institute Journal Conveyancing Special Edition 2019

If there is one thing that could reduce professional indemnity insurance premiums over time it would be to reduce the incidence and severity of conveyancing claims. In the 2017/2018 FY, property and conveyancing accounted for 25% of claims by area of practice received by LPLC. For the May edition of the LIJ, LPLC have contributed a […]

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16 May 2019

The perils of pre-contract advice

Solicitors are often asked to provide pre-purchase advice to a client buying residential property. The instructions often come just before an auction or when the client is due to meet the agent to sign a contract, leaving the solicitor with long documents to review and a short time to properly advise the client. Given these […]

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16 May 2019

Time to rethink conveyancing

Using the professions’ experience to better understand the key drivers of conveyancing claims can provide important learning and help identify areas for improvement in a firm’s systems and resourcing. Justin Toohey, CEO, LPLC If there is one thing that could reduce professional indemnity insurance premiums over time it would be to reduce the incidence and […]

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16 May 2019

Off-the-plan: managing the risks

Off-the-plan purchases are risky transactions for purchasers. They involve buying a property based on plans and artistic images without the benefit of a physical inspection.  The risks for purchasers include: delays in completion of construction insolvency of the developer during construction changes to the plan or advertised features the property losing value after the contract […]

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29 March 2019

Retrospective changes proposed for residential ‘off the plan’ sunset clauses

Table of contentskey risk alertsSunset clauses – details of the proposed amendments Retrospectivity trap for practitioners What you should do now Other legislative changes proposed in the bill key risk alerts New bill proposes changes to the operation of sunset clauses in residential off the plan sales contracts. Proposed new requirements will prevent a vendor […]

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25 September 2018

PEXA, email, electronic funds transfers and cyber-crime

Table of contentsPEXA, email, electronic funds transfers and cyber-crimeThe risk of EFT-fraud for lawyers is human error, not ITVerify all email instructions for the transfer of fundsAlways double-check bank account details before sign-offPEXA residential seller’s guaranteeWhat the PEXA residential seller guarantee coversThree-day time limit for seller to apply for guaranteeWhat to do if EFT fraud […]

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25 September 2018

GST withholding practical examples

Download PDF Table of contentsGST withholding practical examplesResidential premisesFarm landVendor registration GST withholding practical examples This bulletin contains practical examples in question and answer format of how the purchaser GST withholding provisions work. For general information about the withholding requirements see the bulletin Some purchasers required to withhold GST from 1 July 2018. Contracts signed […]

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14 August 2018

Medical Treatment Planning and Decisions Act 2016 (Vic)

Download PDF Key points   Appointments of medical treatment decision makers and advanced care directives replace medical powers of attorney and refusal of medical treatment certificates from 1 July 2018. Medical power of attorneys entered into before 1 July 2018 are taken to be appointments of medical decision makers. Any refusal of treatment certificates created […]

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7 August 2018

Some purchasers required to withhold GST from 1 July 2018

Download PDF Suggested resources: Vendor/supplier GST withholding notice Key points New GST withholding regime applying to some settlements from 1 July 2018. New notification obligations on vendors of new residential or potential residential land. New notification and withholding obligations on purchasers of new residential or potential residential land. Penalties apply for both vendor and purchaser […]

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24 May 2019

Multi-factor authentication: a security must-have

Multi-factor authentication is one of the most effective ways you can prevent cyber-criminals from gaining access to your firm’s systems and your clients’ confidential information. Multi-factor authentication is readily available, easy to set up and gives you an extra layer of security if your password is stolen (including where it is fraudulently obtained by phishing […]

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17 May 2019

When the stake is at stake

Good systems and checklists to ensure compliance with procedural aspects of conveyancing are important preventative aspects of risk management. Stake-holding is a good example of when difficult situations may arise. By Hilary Stokes of Obst Legal. SNAPSHOT• a solicitor ought never become the arbiter of a dispute between parties as to whom and when the […]

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9 May 2019

Independent valuations essential for lenders

When acting for private lenders you need to pay careful attention to the security on offer, especially in the current market. Many private lenders who are lending on short term loans or to people they know, are often not concerned enough about the detail of the security property. If the borrower defaults though all the […]

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26 April 2019

Tax on super and TPD claims: remember to warn your clients

When advising a claimant on a superannuation total and permanent disability (TPD) claim, telling them there could be tax implications when making a withdrawal after the claim is approved should be one of your key messages. When a TPD claim is approved, claimants usually need to make an initial withdrawal to pay legal fees and […]

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22 March 2019

Protect your clients from cyber fraud

Just as you need to protect your firm against scam emails directing payment of trust money to cyber criminals, you need to be proactive in warning clients they might be targeted with fake emails from your firm. We are aware of several instances where clients received scam emails purportedly from their law firm directing payment […]

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6 May 2019

Develop the engagement habit

Lawyers can get themselves into hot water when they neglect to go through a thorough client engagement process. Our handy engagement decision tool can help you develop a more manageable approach. Make it routine for every client and every matter.

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9 November 2018

Key Risk Checklist: Tax issues

This checklist contains the most common taxes and related charges and is not intended to be exhaustive. Ticking a box indicates who is responsible for considering the selected item. Both practitioner and client may be selected. A column has been included for initial comments. It is recommended that a memorandum be sent to the client […]

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7 May 2018

Key Risk Checklist: Sale of land – questions for the vendor

Sale of land – questions for the vendor   Instructions ☐  Please circle yes or no as applicable. ☐  Please provide the additional information as indicated e.g. a copy of your title(s). ☐  If you do not know the answer or are unable to provide the additional information please insert the words ‘not known’. ☐ […]

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24 April 2018

Key Risk Checklist: GST

GST is not simple but there are some easy steps you can take to help protect you and your clients. References to divisions and sections can be found in A New Tax System (Goods and Services Tax) Act 1999 (Cwlth). GST alert – for contracts entered into from 1 July 2018, purchaser to collect and […]

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27 January 2018

Risk management audit checklist

Don’t wait for the worst to happen – use this audit checklist to determine and monitor whether your practice is at risk of a negligence claim. Introduction This audit checklist is a risk management tool for legal practitioners to determine and monitor whether their practice is at risk of a negligence claim arising from poor […]

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28 February 2019

Claim free conveyancing

Additional conveyancing download: Default notice Table of contentsIntroductionEmerging risk – cyber fraudThe causes of claimsThe most common mistakesLPLC Vendor’s Practitioner ChecklistPurchaser’s Practitioner ChecklistAppendix One: Suggested form of letter to client if requested to prepare a section 32 statement in a hurryAppendix Two: Owner builder obligationsAppendix Three: Rescission NoticeAppendix Four: Owners corporation certificate issues Introduction Claim […]

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17 September 2018

Small business big risk

Since LPLC published the first edition of Small business – big risk there have been some changes in the legal landscape which are particularly relevant to transactions for the sale of small businesses including the introduction of: the Estate Agents (General, Accounts and Audit) Regulations 2008, which has made substantial changes to both the form and content […]

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6 August 2018

Pitfalls in personal injury litigation

Table of contentsPersonal injury litigationThe causesThe best risk management – an informed clientCommon mistakesWorkplace injuriesPublic liability and medical negligenceTransport accident claimsEmerging area of riskLPLC Personal Injury Litigation ChecklistAppendix 1 Personal injury litigation Clients seek out litigation lawyers only when something has gone wrong. In the personal injury arena, they have the added difficulty of dealing […]

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24 July 2018

Keep managing mortgage risk

Table of contentsAdditional mortgage downloadsIntroductionAmadio claimsImprovident transactionsMortgage fraudNo or inadequate securityAdvice on equity release productsLPLC Checklist: Advice on equity release productsTaking instructionsThe effect of the transactionIssues of duressLPLC Amadio ChecklistAppendix OneAppendix TwoAppendix ThreeAppendix FourAppendix FiveAppendix Six Additional mortgage downloads Solicitor’s Certificate – Direct Borrower Solicitor’s Certificate – Third Party, Guarantor etc Translator’s Certificate Client acknowledgement […]

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24 April 2018

Avoiding superannuation claims

Table of contentsIntroductionCommon themesSuperannuation related claims from 1 July 2015 to 30 June 2017Areas of lawSuperannuation checklistAppendix one Introduction Every year LPLC sees claims involving superannuation funds. Claims sometimes arise because the practitioner does not have sufficient knowledge or experience with superannuation matters. Practitioners who regularly act in this area will agree that extensive expertise […]

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2 May 2019

Risk video bite – Attention to detail in wills and estates

Presenter: Heather Hibberd, LPLC Chief Risk Manager

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5 April 2019

Risk video bite – Systems save claims

Presenter: Stephen Bubb, LPLC Risk Manager

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1 March 2019

Risk video bite – Buying or selling a small business

Presenter: Matthew Rose, LPLC Risk Manager

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1 February 2019

Risk video bite – Inadequate advice

Presenter: Phil Nolan, LPLC Risk Manager

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7 December 2018

Risk video bite – Define what you do

Presenter: Stephen Bubb, LPLC Risk Manager

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29 March 2019

Retrospective changes proposed for residential ‘off the plan’ sunset clauses

Table of contentskey risk alertsSunset clauses – details of the proposed amendments Retrospectivity trap for practitioners What you should do now Other legislative changes proposed in the bill key risk alerts New bill proposes changes to the operation of sunset clauses in residential off the plan sales contracts. Proposed new requirements will prevent a vendor […]

More
15 August 2018

Vendor/supplier GST withholding notice

There is no prescribed form for section 14-255 supplier GST withholding notice. Below is a suggested form of notice practitioners are welcome to use or adapt.Page two of the notice contains some notes for its use.   Vendor_supplier GST withholding notice(PDF Version) | Vendor_supplier GST withholding notice(Word Version)    

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14 August 2018

Medical Treatment Planning and Decisions Act 2016 (Vic)

Download PDF Key points   Appointments of medical treatment decision makers and advanced care directives replace medical powers of attorney and refusal of medical treatment certificates from 1 July 2018. Medical power of attorneys entered into before 1 July 2018 are taken to be appointments of medical decision makers. Any refusal of treatment certificates created […]

More
7 August 2018

Some purchasers required to withhold GST from 1 July 2018

Download PDF Suggested resources: Vendor/supplier GST withholding notice Key points New GST withholding regime applying to some settlements from 1 July 2018. New notification obligations on vendors of new residential or potential residential land. New notification and withholding obligations on purchasers of new residential or potential residential land. Penalties apply for both vendor and purchaser […]

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27 June 2018

GST withholding special condition

Download PDF GST withholding 1.1. In this special condition, section references are to Schedule 1 of the Taxation Administration Act 1953 (Cwth) as amended by Treasury Laws Amendment (2018 Measures No.1) Act 2018 (Cwth) and asterisked terms have the same meanings as when used in that schedule. 1.2. If section 14-255(1) applies to the supply […]

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