The Professional Standards Scheme (formerly Limitation of Liability Scheme) provides a significant benefit for Law Society members. The Scheme commenced on 1 July 2014 and does not apply to claims prior to that date or prior to your commencement with the Scheme.

The Scheme caps occupational liability of participating members to an amount of $1.5 million, $5 million or $10 million depending on the insurance policies and total annual fee income of the law practice.