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.
The Scheme is available to Ordinary, Life and Incorporated Legal Practice members. To notify the Law Society of your participation you need to complete and return the Professional Standards Scheme participation information – New Member form together with payment.
Renewing members are required to complete and return the Professional Standards Scheme Participant Information – Renewing Member form. Payment will be made via the Law Society Membership Renewal invoice.
A fee of $50 (per annum) GST exempt, to be remitted to the Professional Standards Council, will be payable for each Participating Member, including ILPs.
To join the Law Society as an Ordinary or ILP member please visit lawsocietywa.asn.au/join
This is an opt-out Scheme which, subject to the provisions of the Professional Standards Act 1997 (WA) applies to Law Society members. However, the Scheme provides for circumstances in which members may be exempt and can apply for exemption by completing the Application for Exemption form.
Higher Maximum Amount
The Law Society has discretionary authority, on application by a participating member, to specify a higher maximum amount of liability.
Participating members need to disclose their limited liability status. Non-disclosure is an offence under the Professional Standards Act 1997 (WA). Further information regarding disclosure is available in the Professional Standards Scheme Guide, and on the Professional Standards Council website.
- Professional Standards Scheme Guide
- Frequently Asked Questions
- Professional Standards Act 1997 (WA)
- Professional Standards Regulations 1998 (WA)
- Law Society of Western Australia Scheme document
If the Professional Standards Scheme Guide does not address your query, please contact the Scheme Coordinator on (08) 9324 8652 or email@example.com.