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Practising certificate variation to authorise receipt of trust money
The handling of trust money and the operation of trust accounts by legal practitioners and law practices is closely regulated by the VLSB+C to ensure strict compliance with the Uniform Law.
To apply for a practising certificate authorising the receipt of trust money, you must satisfy the VLSB+C that you possess the necessary skills and expertise to operate a law practice trust account competently, diligently and honestly.
The VLSB+C’s Grant of Trust Authorisation Policy identifies the skills and expertise required, and explains how the discretion is exercised when considering an application to vary a practising certificate for trust money authorisation.
The LIV’s trust account course is approved by the VLSB+C as meeting its skills and expertise requirements to obtain a practising certificate with trust money authorisation.
The LIV’s approved trust account course is assessment based self-learning. To maintain integrity of the assessment process, all responses are required to be handwritten (typed answers will be returned uncorrected). All assessments are reviewed by an authorised trust account investigator.
Course learning outcomes include:
Visit the Approved Trust Account Course product page at Law Book to buy online
The Approved Trust Account Course is available for purchase online through LawBooks. The course material will be emailed to you within 2 working days.
Member: $360
Non-Member: $400
You can purchase the course through LawBooks - click here.
The course is offered continuously as it is undertaken by independent study.
The course takes the form of independent private study, followed by an open-book assessment. Upon completion, the course booklet must be returned to compliance@liv.asn.au. All participants must submit handwritten responses to maintain integrity in the assessment process. Typed responses will be returned uncorrected. All assessments are reviewed by an authorised trust account investigator and you will be notified of the outcome within 10 working days of receipt.
Upon being assessed as meeting the required standard, the LIV will provide you with a certificate of completion. Once you have received the certificate, you can apply to vary your existing practising certificate by:
You will be contacted by the assessing investigator to arrange a suitable time to meet and discuss your answers. You will then have an opportunity to resubmit the assessment.
The course is self-paced. Successful applicants allow 10 to 15 hours to familiarise themselves with the reading material, Uniform Law and General Rules, and complete the assessment.
Yes. The LIV requires the assessment to be completed and returned within 28 days.
The LIV provides course material in a booklet form, consisting of:
You also need access to the Legal Profession Uniform Law Application Act 2014
The course content covers the compulsory fields of Ethics and Professional Responsibility and Practice Management and Business Skills. For more information about your CPD obligations under the Legal Profession Continuing Professional Development (Solicitors) Rules 2015, go to CPD Compliance.
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