risk-management.php

PPS hotline service

LPLC has a PPS hotline service that answers our practitioners’ client related PPS questions.  Practitioners should email Phillip Nolan or contact him on 9672 3800.

Before contacting the PPS hotline search here for answers to frequently asked questions relating to the Personal Property Securities Act 2009.

Where the queries are complex we will brief one of our panel of practitioners to advise and LPLC will pay for the first half hour of their time in providing the answer.  The response will be provided to LPLC and the inquiring practitioner.  If the query requires more than the half hour the panel practitioner will contact the insured practitioner making the inquiry and come to an arrangement.

1 July 2018

When parents lend to children

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” […]

More
28 June 2018

In Check Issue 79 | June 2018

Download PDF New requirements for some purchasers to withhold GST – 1 July 2018 From 1 July 2018 purchasers of certain new residential premises and potential residential land will be required to withhold the goods and services tax (GST) and pay it to the Australian Tax Office (ATO). Vendors of residential premises or potential residential […]

More
1 June 2018

Take a step back

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 […]

More
1 May 2018

Post mortem risk management

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 […]

More
1 April 2018

Conveyancing claims on the rise

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 […]

More
27 June 2018

Some purchasers required to withhold GST from 1 July 2018

Download PDF 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 if they fail to comply. Practitioners […]

More
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 […]

More
25 June 2018

Security warning for PEXA users

Recent news reports and emails from PEXA have described a fraud involving the PEXA workspace. Any users of the PEXA workspace need to read this bulletin for tips on how to avoid this happening to them. The fraudster appears to have gained access to a subscriber’s email account and intercepted a change of password email […]

More
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 […]

More
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 […]

More
20 July 2018

A bad plan

A critical issue for any purchaser of an ‘off the plan’ property is ensuring the actual property accords with what they intended to purchase. Therefore, when giving pre-contractual advice to purchasers, it is essential to identify any deficiencies in documentation that could hinder a proper assessment by the purchaser. In one claim, the practitioner was […]

More
13 July 2018

The trouble with DIY clients

Practitioners are finding that some clients are insisting on doing parts of litigation matters themselves, primarily to save legal costs. If you are prepared to accept a limited retainer, you need to manage the risks. In one claim, a practitioner acted on an appeal regarding a dispute over a debt. The client was self-represented at […]

More
29 June 2018

Every conveyance is unique

Conveyancing clerks and lawyers should not assume that what appears to be a straightforward conveyance actually is a straightforward conveyance. It is important to read and understand the contract of sale, section 32 statement and any other relevant documents before advising the client. In one claim, a firm acted on the purchase of a property […]

More
22 June 2018

Resources for lawyers’ mental health

The legal profession is overrepresented when it comes to mental illness and in Australia, lawyers are more likely than the general population to experience depression and anxiety. The Brain and Mind Research Institute reported in 2009 that almost a third of solicitors and one in five barristers surveyed suffered from clinical depression during their career. […]

More
15 June 2018

Attention to all the details

Attention to all the details in preparing a contract is crucial to ensure correct and intended execution of the contract as well as good risk management. Care must be taken when using standard form contracts and completing the variables. Near enough is not good enough! In one claim, the practitioner acted for the vendor of […]

More
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’. ☐ […]

More
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 […]

More
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 […]

More
18 December 2017

Key Risk Checklist: Electronic property transactions – office management

Electronic property transactions – office management checklist Office policy content Below is a list of issues to consider when writing your office policy and recommended responses. ☐  Who will hold a digital signature? The digital signature is embedded in a USB. Preferably only partners have digital signatures. ☐  How a digital signature’s USB and pin […]

More
18 December 2017

Key Risk Checklist: Electronic property transactions

Electronic property transactions – matter checklist ☐  Is there an electronic transaction clause in the contract? ☐  Discussed with the client whether the conveyance can be done electronically or on paper. – Land Use Victoria has announced that all transaction will be electronic by August 2019. ☐  Client told consequences of conducting electronically. Any paper […]

More
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 […]

More
5 February 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 […]

More
24 January 2018

A guide for executors

Table of contents18 frequently asked questions about being an executor.1 Who is an executor?2 What is ‘an estate’?3 Who is a beneficiary?4 What is the role of an executor?5 Must an executor take on the responsibility?6 Who arranges the funeral?7 What happens to the bodily remains?8 Should there be a reading of the will?9 What […]

More
24 January 2018

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 […]

More
6 November 2017

Looking after leases

Table of contentsIntroductionThe best risk managementThe problem areasPPS ActRetail leases and essential safety measuresLPLC Tenant’s Practitioner ChecklistLPLC Landlord’s Practitioner ChecklistAppendix OneAppendix Two Introduction Looking after leases contains details of claims, relevant cases and legislation affecting retail leases. It is designed to raise your awareness of common problems in commercial and retail lease transactions, and help you […]

More
6 July 2018

Risk video bite – Conflicts

Presenter: Matthew Rose, Risk Manager, LPLC

More
1 June 2018

Risk video bite – Personal cost orders

Presenter: Matthew Rose, Risk Manager, LPLC

More
4 May 2018

Risk video bite – Family law financial agreements

Presenter: Alex Macmillan, Claims Manager, LPLC

More
6 April 2018

Risk video bite – Drafting

Presenter: Matthew Rose, Risk Manager, LPLC

More
2 March 2018

Risk video bite – Conveyancing

Presenter: Phillip Nolan, Risk Manager, LPLC

More
27 June 2018

Some purchasers required to withhold GST from 1 July 2018

Download PDF 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 if they fail to comply. Practitioners […]

More
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 […]

More
16 April 2018

About LPLC – serving and protecting you!

It’s your insurance scheme! Your scheme provides universal, comprehensive and secure statutory professional indemnity insurance (PII). You get certainty of cover from year to year without the cyclical fluctuations of the commercial insurance market and automatic run-off cover to protect you from claims after you cease legal practice. The policy protects you from the financial […]

More
10 April 2018

Cyber fraud – five steps to protect yourself

Table of contentsCyber thieves are clever. They target lawyers because we direct transfers of money and they want to steal it.DON’T FALL FOR IT!Five steps to protect yourself.Download the poster below. Please put it up in your office kitchen to make sure everyone in the team knows what to do.It can happen to youFor more information about […]

More
6 February 2018

Cost estimates | Client brochure

Many clients have never retained a lawyer before and do not know how to work effectively with them or understand what a cost estimate is. This lack of understanding sometimes contributes to claims against law firms that could have been avoided or minimised if there had been better communication between the firm and the client about […]

More