risk-management.php

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.


 

1 August 2017

PPSA claims and changes

What are you doing to avoid a Personal Property Securities Act claim? One of the first LPLC blogs was about the Personal Property Securities Act 2009 (Cth) (PPS Act) (November 2013) and the three little pigs. The message was that the three little pigs had three goes to get it right but practitioners had only […]

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1 July 2017

Risk and GST

Have you correctly dealt with GST issues? LPLC regularly receives notifications where failing to correctly deal with GST issues gives rise to a claim. Most GST claims occur in relation to the sale of commercial or new residential land or the sale of businesses, but claims have also arisen involving the preparation of leases as […]

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28 June 2017

In Check Issue 75 | June 2017

Table of contentsCGT withholding regime important changes from 1 JulyCyber security – focus your attentionChecklistsCommon GST questionsRisk Management SeminarsLaw Institute Journal articlesChanging your email address? CGT withholding regime important changes from 1 July From 1 July 2017 some CGT withholding regime requirements will change.  They are: lowering the price threshold for real property to $750,000 […]

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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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29 June 2017

Cyber security breach – claims caused by fake client email

It is no longer safe practice to transfer money to a client’s account based only on email instructions from your client. Always verify email instructions from a client, especially if it involves handling money, by confirming the details orally with the client. LPLC has received four notifications in the last two years, one only last […]

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6 November 2016

CGT withholding payments – practical examples

Updated July 2017 Table of contentsIntroductionTaxable Australian real property acquired directly from registered proprietor(s)LeasesIndirect Australian real property interestsOther issuesDeceased estates and trustsGSTFurther information on the ATO website Introduction This bulletin contains practical examples of how the withholding requirements, which commenced 1 July 2016 and were amended with effect from 1 July 2017, work. For more […]

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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

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

Updated July 2017 Table of contentsIntroductionOptions and rights to acquireCompany title interestsIndirect Australian real property interestNon-portfolio interest testPrincipal asset testResidency declarationsMembership interest declarations Introduction This bulletin contains information on the withholding requirements which commenced on 1 July 2016 as amended in June 2017 by the Treasury Laws Amendment (Foreign Resident Capital Gains Withholding Payments) Act […]

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2 June 2016

1 July 2017 amended CGT withholding payments for real property sales

Updated July 2017 Table of contentsKey pointsIntroductionBackgroundKey obligationsExceptionsAssets which are caughtMarket valueWhat to do when acting for a vendorWhat to do when acting for a purchaserATO forms and information Key points Amended withholding requirements for contracts of sale of real estate worth $750,000 or more from 1 July 2017. All purchasers of such real estate […]

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18 August 2017

Confirm agent’s instructions with your client

Recently LPLC has received numerous claims where there was ineffective communication between the practitioner and their client after the practitioner had dealt primarily with the client’s agent on the matter. In one claim, the practitioner acted for a lender on instructions from a broker regarding a loan. The practitioner was instructed to register an interest […]

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11 August 2017

Experienced lawyers also need supervision

Principals need to be proactive in supervising all employees, including experienced lawyers and clerks, to ensure the firm’s policies and procedures are followed and matters are progressed in a timely manner. Supervision will vary depending on the area of practice and experience of the employee but should always involve regular face-to-face meetings and file reviews […]

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4 August 2017

Continual improvement and risk management

Does your firm have a culture of continual improvement and best practice? Are your staff empowered to raise ideas and suggestions on how things can be done better or why things are not working well? Creating a culture where those things are second nature for staff has many benefits. Hearing about a practice management issue […]

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28 July 2017

Lease claims on the rise

2016/17 has seen an increase in the cost of lease claims compared to the previous two financial years. As with previous years, the three most common causes continue to be: simple oversight failure to manage the engagement poor communication. Leasing claims have arisen where: there are drafting errors, particularly in formulas for calculating rent and […]

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21 July 2017

Building and constructions claims

Building and construction claims arise in a number of practice areas including commercial, litigation, leasing and conveyancing with litigation and conveyancing having the most claims. Lack of experience is one factor which contributed to some of these claims. Several litigation claims arose out of the Building and Construction Industry Security of Payment Act 2002 (Vic) […]

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16 August 2017

Key Risk Checklist – Conveyancing resources

    LPLC Resources Comments Checklists: Sale of land – questions for the vendor Purchase of land – questions for the purchaser Property websites and comments Tax issues GST LPLC Face to face verification of identity checklist LPLC has posted numerous blogs about property law issues. You can find our blogs here. You can search […]

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8 August 2017

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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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 […]

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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 August 2017

Focusing on family law

Table of contentsIntroductionThe causes of claimsFinancial agreementsChild supportProblem areasLPLC Family Law ChecklistAppendix One – SuperannuationAppendix Two – List of cases Introduction As family law clients are often preoccupied and in emotional distress, they require particular care. It is an area where simple risk management steps can make a difference. The scope of the retainer needs […]

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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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14 August 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 above.                            

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20 July 2017

Working together – roles and obligations

What we will do when we act for you Be courteous and polite at all times. Act in your best interests only. Keep your information confidential unless you give us permission to disclose it or we are required by law to disclose it. To enables us to handle your matter as quickly and economically as […]

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