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LIV Practice Support tips

LIV Practice Support tips

By LIV Media

Uniform Laws 

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  1. Law practices are required to have their trust records externally examined once per year by an approved external examiner who has successfully completed an external examiner’s course[1]. The external examiner is required to give a written report. In Victoria the external examiner’s report must be lodged with the Victorian Legal Services Board by 29 February 2016[2].
  2. Prior approval is required to terminate an external examiner’s appointment[3].
  3. Law practices with computerised accounting systems are no longer required to keep paper copies of trust records, provided that the electronic records are in printable and readable form[4]. However, paper records may still need to be maintained for other purposes such as taxation.
  4. Government and corporate lawyers who are otherwise not required to hold professional indemnity insurance, will require it if they undertake legal practice on a voluntary or pro bono basis[5].

The information in this document is intended to be a general guide only. The information is not intended to constitute professional or legal advice, and you should rely on your own inquiries and assessment. The Law Institute of Victoria expressly disclaims any and all liability for any loss or damage arising from reliance upon any information in this document.

[1] Legal Profession Uniform General Rules 2015, r 65

[2] http://www.legalservicescouncil.org.au/Pages/news/2015/External-examiner-reporting-periods.aspx

[3] Legal Profession Uniform General Rules 2015, r 66

[4] Legal Profession Uniform General Rules 2015, r 38

[5] Legal Profession Uniform Law s 211, Legal Profession Uniform General Rules 2015, r 82 (2) (b)


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