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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.


 

28 June 2017

In Check Issue 75 | June 2017

Table of contentsCyber security – focus your attentionCGT withholding regime important changesChecklistsCommon GST questionsRisk Management SeminarsLaw Institute Journal articlesChanging your email address? Cyber security – focus your attention We have just emailed a cyber security bulletin to practitioners letting them know about a recent claim where a firm received a fake client email directing the […]

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1 June 2017

Stay on the estate

Practitioners handling estate matters should not get involved in family disputes. As disputes between family members arise frequently in estate matters, practitioners need to be alert to their duties to executors and beneficiaries as well as potential conflicts of interest. LPLC has received claims where practitioners handling an estate were not proactive in distancing themselves […]

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8 May 2017

Be prepared

Office policies and procedures are good risk management. There are many risk management benefits to having well-written and implemented office policies and procedures, including enabling employees to clearly understand their individual and team roles and responsibilities within the firm. The LPLC has developed a list of policies (and some procedures) for legal firms. It can […]

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26 April 2017

How to defend against cyber crime

Practitioners need to do more to keep the door locked. Virtually all law practices today are vulnerable to cyber attacks which have the potential to disrupt delivery of legal services and compromise the security of clients’ confidential information. All staff need to understand how cyber attacks commonly occur and firms need to implement appropriate risk […]

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27 March 2017

In Check Issue 74 | March 2017

Table of contentsWhat is new on LPLC’s website?What is happening in cyber risk?Are you ready for the DBDRV?Common GST questions – GST and adjustments for sale of commercial property2017 Risk Management seminars2017/18 Insurance renewalsLaw Institute Journal articles What is new on LPLC’s website? Cyber security page We have a new risk management page dedicated to […]

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6 November 2016

1 July 2016 new CGT withholding payments – practical examples

August 2016 (revised November 2016) Table of contentsIntroductionTaxable Australian real property acquired directly from registered proprietor(s)LeasesIndirect Australian real property interestsOther issuesFurther information on the ATO website Introduction This bulletin contains practical examples of how the new withholding requirements which commenced 1 July 2016 work. 1 July new CGT withholding payments for real property sales of […]

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19 October 2016

Cyber security cautionary tale

Table of contentsIntroductionThe realistic emailHijacking his emailLessons Introduction Cyber security needs to be at the forefront of everyone’s mind, whether you are in a small firm or a large firm. The recent experience of a Victorian law firm is a good example of how easy it is to be caught out. The realistic email A […]

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6 July 2016

New CGT withholding payments for options, company title interests and indirect Australian real property transactions

Introduction This bulletin contains more information on the new withholding requirements which commenced on 1 July 2016. It focuses on: options and rights to acquire company title interests indirect Australian real property interests. For information about other aspects of the new regime please refer to the LPLC bulletin 1 July new CGT withholding payments for real […]

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2 June 2016

1 July new CGT withholding payments for real property sales of $2M or more

Table of contentsKey pointsATO forms and information Key points New requirements for contracts of sale of real estate worth $2M or more entered into from 1 July 2016. All purchasers of such real estate must withhold 10 percent of the purchase price unless they are given a clearance certificate by the vendor. Vendors of such […]

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24 September 2014

New ID law means mortgages could be void

Strict requirements for mortgagees to take positive steps to verify the identity of borrowers were introduced in Victoria on 24 September 2014. Similar requirements are already in place in Queensland, New South Wales, South Australia and Western Australia. The Transfer of Land Amendment Act 2014 (Vic) received Royal Assent on 23 September 2014 and commenced […]

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23 June 2017

Risk management and conditional contracts

The Consumer Acts Amendment Act 2017 amends s.31 of the Sale of Land Act 1962 (Vic) to clarify that a cooling off notice may be served on the real estate agent engaged by a vendor to sell the land. This is in addition to serving a notice on the vendor or an agent of the vendor. […]

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16 June 2017

Young lawyers, claims and risk management

Sometimes a young lawyer is asked to perform a task which at first glance may appear to be within their ability but in hindsight was beyond them. One example is sending a young lawyer to their first mediation with a barrister without a supervising practitioner or adequate preparation and training. While the practitioner delegating the […]

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9 June 2017

Practitioners beware – CGT threshold $750,000 from 1 July 2017

In mid 2016 LPLC published three bulletins about the foreign residents capital gains withholding payments regime. All three bulletins are currently being amended to take into account the changes introduced in the Federal budget on 9 May 2017. The amended bulletins will be published once the amendments are law. You can find all LPLC bulletins […]

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2 June 2017

Comply with overarching obligations in estate disputes

While estate disputes are usually acrimonious practitioners and their clients must always comply with their obligations under the Civil Procedure Act 2010 (Vic). Practitioners need to be proactive about advising executors of their obligations when proceedings under Part IV of the Administration and Probate Act 1958 (Vic) are on foot. In one claim, the executor […]

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26 May 2017

A business continuity plan is good risk management

Having a business continuity plan (BCP) in place if client documents and/or files are lost, stolen or destroyed is good risk management for a firm of any size. LPLC regularly receives calls  from practitioners seeking guidance on just this situation.  In one instance a fire at the law firm premises destroyed documents and files while […]

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15 June 2017

Key Risk Checklist: File transfer to another practitioner within the firm

  File transferred to another practitioner within the firm Yes No Comment or detail Has the client requested the change of practitioner? □ □ Has the practitioner receiving the file confirmed they have the knowledge and capacity to do the work? □ □ Has the transferring practitioner completed a detailed memorandum that: details the retainer […]

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15 June 2017

Key Risk Checklist: File closing

  Work completed Yes No Comment or detail Have we written to the client confirming: all required work has been completed? □ □ any outstanding issues that are the client’s responsibility? □ □ any critical dates and consequences? □ □ future actions (such as exercise of an option) that is the client’s responsibility? □ □ […]

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15 June 2017

Key Risk Checklist: File transfer to another firm

  File transferred to another firm at request of client Yes No Comment or detail Before we transfer the file have we: spoken with the client about their concerns? □ □ accounted for all work and disbursements? □ □ Have we written to the client confirming: the status of their matter including work completed and […]

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15 June 2017

Key Risk Checklist: Client intake

  Client   Comment or detail Who is the client? (Individual or entity) Ethical Yes No   Comment or detail Is VOI required (or desirable)? □ □ Is there more than one client? □ □ Has the firm acted for or against this client previously? □ □ Are there any potential conflicts? (particularly if more […]

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3 February 2017

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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11 May 2017

Know your limits

Table of contentsIntroductionLessons from the claimsTime limits most commonly missedClaims examples Introduction With the proliferation of time limits in legislation today missing limitation dates is a mistake that occurs in many areas of the law. The reasons for missing time limits are varied as are the potential repercussions. Sometimes it is a lack of knowledge […]

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17 October 2016

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 Five Additional mortgage downloads Solicitor’s Certificate – Direct Borrower Solicitor’s Certificate – Third Party, Guarantor etc Translator’s Certificate Client acknowledgement Introduction […]

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13 September 2016

Saving superannuation claims

Table of contentsIntroductionCommon themesSuperannuation related claims from 1 July 2011 to 30 June 2015Areas of lawSuperannuation ChecklistAppendix One Introduction LPLC has seen numerous claims against practitioners 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 […]

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6 September 2016

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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29 May 2015

A guide for beneficiaries

Table of contents20 frequently asked questions about being a beneficiary1 Who is a beneficiary?2 What is ‘an estate’?3 Who is an executor?4 What is the role of the executor?5 Do all the beneficiaries need to agree with decisions of the executor?6 Must an executor take on the responsibility?7 Who pays the executor?8 Who arranges the […]

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14 February 2017

Snapshot – Personal injury litigation

Snapshots provide data and main causes of claims in areas of practice as well as risk management strategies at a glance. Click the image to enlarge or download to print.                            

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