When seven years isn’t long enough

16 November, 2018

How long should you keep your file after a matter has concluded? Some practitioners routinely destroy files seven years after closure with client authorisation. In some instances experience tells us you should keep files for longer, especially where a cause of action can accrue more than six years after the retainer has ended. Retaining files […]

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Be secure when advising lenders

1 November, 2018

Making assumptions about your retainer with longstanding lender clients is risky In 2017/18, mortgage matters accounted for 19 per cent of LPLC’s total claims cost. Most of that cost was attributable to practitioners failing to ensure the lender client had adequate security. These mistakes are sometimes made by practitioners acting for private lenders who they […]

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Fraudsters: don’t let them in!

26 October, 2018

If a complete stranger appeared at your door and invited themselves into your home, would you let them in? Probably not. Then why do so many people open the door to cyber-criminals on their computers? A common misconception is that most cyber-crimes involve hacking: the use of computer technologies to gain access to computers and […]

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Be sure before disbursing trust money

19 October, 2018

When acting as stakeholder, you need to check that any conditions for disbursing the money have been strictly met and keep appropriate documentary evidence. In one claim, a practitioner acted for a company that was to be nominated by an affiliate as the purchaser of a property for development. The client needed to raise capital […]

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What can go wrong?

1 October, 2018

Every firm needs to develop risk management strategies As part of managing a practice, you need to invest time in identifying what can go wrong in your matters and devise appropriate risk management strategies. You should not assume knowing the law in your areas of practice and being diligent in your work is enough to […]

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In Check Issue 80 | September 2018

1 October, 2018

Conveyancing claims in 2017-18 Conveyancing claims accounted for over 30 per cent of the cost of claims in the last policy year costing an estimated $11.9m. They have consistently been in the top two areas of claims by both number and cost for many years. The mistakes often stem from practitioners not knowing or keeping […]

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Risk video bite – defective section 32 statements

7 September, 2018

Presenter: Phillip Nolan, LPLC Risk Manager

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Expect the unexpected

3 September, 2018

Conveyancing practitioners need to look for non-standard transactions. Victorian law practices act in hundreds of conveyancing transactions every week worth millions of dollars. Conveyancing transactions invariably comprise many moving parts with the potential for things to go wrong, but usually they do not. The challenge is how to maintain your curiosity and vigilance to ensure […]

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What did they expect?

17 August, 2018

When sued by a client, the reaction from some practitioners is ‘What did they expect for what I charged?’ However, a court will give little regard to your fees when determining the extent of your retainer and whether you discharged your duty. You need to be clear about the scope of your retainer, irrespective of […]

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Vendor/supplier GST withholding notice

15 August, 2018

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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