The Law Society of New South Wales Scheme (also known as the Limitation of Liability Scheme or the Scheme) is a benefit provided by the Law Society exclusively for its solicitor members in private practice.
It is specifically designed to promote professional standards and to enable private practice members to limit their civil liability to selected amounts, provided they meet the Scheme’s requirements. Participation in each Scheme year, which runs from 22 November to 21 November the following year, is registered on an annual basis.
The current Scheme has been approved by the Professional Standards Councils (PSC) and the Minister for Innovation and Better Regulation, to operate for the five (5) year period from 2012 to 2017. The Minister has granted the Law Society an extension of the current Scheme until November 2018. An application for a new Scheme, to operate from November 2018 to November 2023, is being prepared for submission to the PSC and the Minister for approval.
Although Law Society membership makes you eligible for the Scheme, the Law Society is required to record participation of all legal practitioners in the Scheme and this involves a number of administrative steps. Please download the Information Bulletin for more details about the Scheme, including coverage, eligibility requirements and application procedures.