Renew Your Scheme Participation

Your Guide to Renewal

The LIV Professional Standards Scheme (Scheme) provides an important framework for self-regulation by helping eligible members reduce their exposure to complaints and claims in return for limiting their damages liability. The information below has been provided to assist you with the annual renewal of your Scheme participation and to reiterate your ongoing obligations as a participating member.

What You Need to Know

  • If a negligence action is taken against a participating member s/he may rely on the Scheme to limit the damages that can be recovered.
  • Provided the participant satisfies the requirements to rely on the Scheme their liability is limited to the applicable monetary ceiling of $1.5 million or $10 million.
  • Individual Scheme participants must be LIV members and hold a current Australian practising certificate.
  • Incorporated Legal Practices (ILP) are eligible to participate in the Scheme, provided the ILP is a member of the LIV. LIV ILP membership is complimentary; however, an ILP application form must be completed.
  • Scheme fees are $165 for each legal practitioner and each ILP (if relevant), inclusive of GST.
  • To ensure a law practice can rely on the Scheme, all of its legal practitioners (and the entity if it is an ILP) must participate in the Scheme.

Scheme Renewal Checklist

To ensure your practice can reply on the Scheme, all membership and Scheme fees must be paid and all relevant forms returned to the LIV prior to 1 July 2017.

Please ensure:

  • LIV membership fees have been paid for each practising employee*
  • Scheme fees have been paid for each practising employee*
  • Scheme fees have been paid for each ILP**
  • Scheme participation form has been completed for any practitioners and/or entities not participating in the Scheme in 2016/17 financial year
  • Incorporated Legal Practice membership renewal form has been completed**

*employees holding a current Australian practising certificate
**only required if the entity is registered as an ILP

What You Need to Do to Ensure Your Practice Can Rely on the Scheme

Notify the LIV of Employee and Practice Changes

If a new practising employee commences with your law practice:

  • Complete an LIV membership application form and pay the relevant fees if the practitioner is not an LIV member.
  • Complete the Scheme participation form and pay the relevant fees if the practitioner is not currently participating in the Scheme.

If the structure of your practice changes or the number of principals changes from less than 20 to more than 21 or the law practice’s fee estimate changes from less than $10 million to more than $10 million, contact the LIV to advise of the details.

Disclosure Requirements

As a participant of the Scheme, you are required to include the following disclosure statement on all materials and documents provided to clients or prospective clients that promote or advertise the practice:

“Liability limited by a scheme approved under Professional Standards Legislation.”

Provision of Information Required Under Professional Standards Legislation

All Scheme participants are required to provide information to the LIV as required under the Professional Standards Act 2003 (Vic). Specifically the law practice will:

  • immediately advise the LIV when a professional indemnity insurance (PII) notification or claim approaches the law practice’s applicable monetary ceiling under the Scheme, and
  • provide information to the LIV, on request, about the law practice’s notification and claims, complaints and disciplinary findings, and PII coverage.

Insurance Coverage

All Scheme participants must have PII to an amount at least equal to the applicable monetary ceiling. For more information about insurance, please visit https://lplc.com.au/

More Information

For further information please contact us at:

E: scheme@liv.asn.au
T: 9607 9470