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Scheme Renewal

Your Guide to Renewal

The Scheme provides an important framework for self-regulation by supporting eligible members reduce their exposure to complaints and claims in return for limiting liability.

The following information is provided to assist you with the annual renewal of your Scheme participation and to reiterate your ongoing obligations as a participating member.

Renewal Checklist

To facilitate your law practice’s reliance on the Scheme, all membership and Scheme fees must be paid and all relevant forms returned to the LIV prior to 30 June 2018. Specifically, please ensure:

  • LIV membership fees are paid for each practising employee*
  • Scheme fees are paid for each practising employee*
  • Scheme fees are paid for each ILP^
  • a Scheme participation form is completed for any new practitioners and/or entities*^

*employees holding a current Australian practising certificate
^only required if the entity is registered as an ILP
*^who did not participate in the Scheme in 2017/18 financial year

Ongoing Compliance Requirements

Notify the LIV of Employee and Practice Changes throughout the year

If a new practising employee commences with your law practice, you must ensure they:

  • complete an LIV membership application form and pay the relevant fee, if the practitioner is not already an LIV member
  • complete the Scheme participation form and pay the relevant fee, if the practitioner is not already participating in the Scheme.

You must also notify the LIV immediately about any of the following changes in circumstances:

  • the structure of your practice changes
  • the number of principals changes from less than 20, to 20 or more principals
  • the law practice’s fee estimate changes from less than $10M, to $10M or more.

Disclosure Requirements

All Scheme participants must include the following disclosure statement on all materials and documents that are provided to clients or prospective clients to 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, you must:

  • 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

Frequently Asked Questions