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Why participate in the LIV Professional Standards Scheme?

Why participate in the LIV Professional Standards Scheme?

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It is no secret that a good reputation can take years to build and seconds to lose. Working in any business exposes you to risk, but the legal profession has unique challenges and a higher set of standards that must be met to have a successful legal practice.

You may be lucky and avoid any claims or complaints throughout your entire career, but even the most scrupulous lawyers may be confronted with a professional negligence claim if they do not proactively manage their professional and practice risk.

The LIV’s Professional Standards Scheme applies exclusively to eligible members. It enables you to demonstrate your commitment to professional standards and implement proactive compliance strategies to enhance consumer protection by using the Scheme’s self-regulatory framework to identify and manage risk, and limit your liability in the event of a claim against you.

Clients increasingly recognise the importance of professional standards schemes for consumer protection and expect professional service providers, including lawyers, to participate in them as a measure of their commitment to professional excellence. Accountants, engineers, surveyors, valuers and IT professionals all have existing professional standards schemes under relevant legislation.

Provided eligible members can demonstrate their compliance with risk management, insurance, disclosure and reporting requirements, the Scheme operates to cap your occupational liability by a nominated monetary ceiling (calculated by reference to the size and revenue of your law practice). Nearly 1400 law practices, comprising more than 3800 eligible members, currently participate in the Scheme.

The Scheme renewal cycle is 1 July to 30 June each year. To facilitate your law practice’s reliance on the Scheme for the full year, all Scheme and membership forms and fees must be completed and paid by 30 June 2018. Simply visit Professional Standards Scheme Renewal now. If you require further information, please contact the Member Engagement team at scheme@liv.asn.au.

 


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