2017/18 Annual Report
The Law Society’s Professional Standards Scheme commenced on 1 July 2014. The Scheme caps occupational liability of participating members at $1.5 million, $5 million or $10 million depending on the insurance policies and total annual fee income of the law practice.
The Professional Standards Scheme Committee was established to:
- consider issues relating to the Scheme, the Professional Standards Councils (PSCs) and the Professional Standards Act 1997 (WA);
- act under specific delegation of the Law Society’s Council, where granted, to make decisions in accordance with the Scheme and the Professional Standards Act 1997 (WA);
- develop policy to assist in administering the Scheme;
- make recommendations from time to time to Law Society’s Council regarding the administration of the Scheme; and
- review the Scheme from time to time.
During the 2017/18 year, the Committee considered a number of applications for higher discretionary caps and made recommendations to Council. Four applications for discretionary caps were approved by Council during the course of the year. The Committee also oversaw the preparation and submission of the Law Society’s fourth annual compliance report to the PSCs and the second year of implementation of the Scheme’s risk management and compliance framework.
The Committee is pleased to report that as at 30 June 2018, the Scheme had 1,489 participating members; 204 more than the number of participating members a year earlier.
For more information about this committee please email firstname.lastname@example.org