The Society made application for a new Scheme. The application was approved by the Professional Standards Council and the new Scheme commenced on 22 November 2000. The new Scheme applies to all members of the Society in private practice unless they apply for and are granted exemption by the Council of the Law Society. As required by the Act as amended, unless members have applied for and been granted exemption by the Council of the Law Society, all members in private practice who hold current practising certificates and the appropriate insurance are members of the Scheme and, together with their partners and employees, are covered by the Scheme. The effect of this requirement appears to be that, in order to have protection in the future under the Scheme, a member will need to maintain insurance cover at a level not less than the highest level of limitation previously selected under the Scheme.
Limitation varies depending upon the number of principals in the firm.
In addition a firm may choose a higher limit. Members must hold a current practising certificate issued by the Society 2. In addition, the person must have sufficient business assets to cover any claim made up to the amount of the uninsured deductible under the insurance. Each year members are required to provide to the Society evidence of coverage by a policy of insurance to the necessary standard and certify that their firm has sufficient assets to cover any claim made up to the amount of the uninsured deductible applicable under the LawCover Scheme. Unless exempt, members are required to certify annually with their practising certificate application that they have completed continuing education requirements.