Risks for the bank of mum and dad

11 May, 2018

Practitioners asked to act in transactions where parents lend money to their children to help them buy a house should stop and think about the transaction. Who are they acting for? Who else could think the practitioner is looking after their interests? If you are acting for the child in the purchase of the property […]

Continue Reading

Risk video bite – Family law financial agreements

4 May, 2018

Presenter: Alex Macmillan, Claims Manager, LPLC

Continue Reading

Post mortem risk management

1 May, 2018

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 […]

Continue Reading

It’s not routine for the client

27 April, 2018

Advice on a ‘cross roads’ decision for the client, such as whether to proceed with a contract of sale or bring it to an end, should always be recorded in sufficient detail in a file note and confirmed in writing to the client. It is important not to cut corners, even when the advice seems […]

Continue Reading

Communicate better with colleagues to close the cracks

20 April, 2018

Tasks fall between the cracks when practitioners fail to communicate proactively and effectively with colleagues. In one claim, the firm was retained by a lender to prepare a loan agreement and lodge caveats over several properties owned by the borrower. The following year, the borrower asked a consultant at the firm to arrange for the […]

Continue Reading

Risk video bite – Drafting

6 April, 2018

Presenter: Matthew Rose, Risk Manager, LPLC

Continue Reading

Confirm currency of money sent overseas

23 March, 2018

Sending money overseas is a common action for law practices today and we receive claims when the money is sent in the wrong currency. In our experience, the banks routinely convert the funds into the receiving country’s currency before sending it unless clearly instructed otherwise. In one claim the practitioner had given oral instructions to […]

Continue Reading

Change to migration agent registration and risks to consider

16 March, 2018

Practitioners may no longer be required to be registered as migration agents from 1 July 2018 under proposed changes. According to Dr. Lydia Wells from Murdoch University, these ‘…upcoming changes to the registration regime will bring opportunities for lawyers to enter this practice area…’. In her article No longer a ‘migration agent,’ in the October […]

Continue Reading

Warn clients to verify emails containing payment details

9 March, 2018

Could your clients be receiving fake emails from you? Much has been written recently about the need to speak to clients to authenticate email instructions about transferring money to client accounts. But if the client receives a fake email from your firm directing them to pay money into a bank account of the fraudster, will […]

Continue Reading

Risk video bite – Conveyancing

2 March, 2018

Presenter: Phillip Nolan, Risk Manager, LPLC

Continue Reading