Governance professionals call for a review
Research and Whitepapers
Australian Corporations Act
Single Touch Payroll:
bringin payroll into the digital world
10 Tips for Trust Accounting
The landscape for compliance is constantly changing.
Creating an Even Playing Field:
Extending Unfair Contract Term Protections to Small Business
When we imagine a lawyer winning a dramatic case, or a landmark hearing, we often imagine a crack-shot lawyer from a show like 'Suits' or 'Law and Order' having an epiphany about a vital clue that we've all missed.
LexisNexis and Governance Institute of Australia hosted a roundtable of senior governance and risk professionals in May 2017 to explore the big picture, determine what parts of the Act need attention and make recommendations on the best way to pursue holistic reform.
Almost two years after Single Touch Payroll (STP) was first announced by the Federal Government as part of the Whole-of- Government "Digital by Default" agenda, the legislation has passed.
There are few regulations more important to understand and follow than those that govern how law firms handle clients' money held in trust. Managing trust money is a valued-added service and allows firms to act for clients across many different legal matters.
The unfair contract term (UCT) protections which currently apply to consumers under federal legislation have been extended to small businesses.
This paper will outline the recent changes to the Australian Consumer Law 2010 (ACL), which introduced prohibitions on unfair contract terms in small business standard form contracts.
The Independent Director's Dilemma : Is there ever a safe environment in which to be an independent director?
There was a time in the not too distant past when it was generally accepted that directors of corporate boards constituted a closed network. As a consequence, the role of directors and their accountabilities seemed shrouded in mystery – a mystery that few people outside of the directors' circle were interested in solving.
Can it be done, is the question. Establishing an effective social media presence is now such a crucial aspect of doing business in Australia. For those in the technology, media and communications industries, it is almost a given that your presence online is cutting edge, pushing the boundaries and engaging customers and stakeholders alike
What does capacity to make decisions mean?
Our right to make our own decisions is fundamental to our everyday existence. That includes the right to make decisions with which others may disagree or regard as silly. Equally, knowing when a person does not have the capacity to make a decision is just as crucial because a decision made without capacity can be invalid. A failure to properly assess and understand a person's capacity to make decisions can have significant adverse consequences both to the provider and the care recipient.
Organisations in Australia and overseas are recognising the benefits of using social media platforms such as Facebook, Pinterest, and Twitter to promote their goods and services, and to effectively engage more with their customers and strategic partners.
Innovation is no longer on the list solely for start-ups but has become a strategic goal for senior leadership of small, medium and large sized organisations. However, professional service organisations, and in particular those in the legal industry, are struggling to match other industries in their stride.
In July 2016, Governance Institute of Australia partnered with LexisNexis to conduct a survey of Institute members to capture their views on how governance is perceived in their organisations. The survey was designed to explore if governance is perceived as a drain on productivity or as a productivity enabler.
There are many obligations that arise in an employment relationship. Of course an employer should look after their employees, it makes complete sense both ethically and commercially.
The annual general meeting (AGM) has long been the forum where shareholders and directors have the opportunity to interact.
Dodging the Draft
How proofreading failures are creating risk for firms and their clients and denying firms extra revenue.
Law firms are under increasing pressure to become more efficient in the way they work, driven not just by macroeconomic conditions but also increased competition. There is a growing expectation from law firm clients that firms will make greater use of technology in order to reduce costs and increase the value they provide to clients.
ACCC Essentials - Understanding the Australian Competition and Consumer Commission's 2016 Compliance and Enforcement Priorities
It is vitally important for all Australian businesses to have a thorough understanding of the way in which the ACCC prioritises its enforcement activities, given the highly interventionist and aggressive approach which the ACCC takes to both competition law and consumer protection matters. Indeed, the ACCC is arguably one of the most active and aggressive enforcers of competition law in the world.
Technology has been a disrupting force in many industries for years now. To date, the practice of law has been relatively slow to embrace these changes, due to entrenched workplace cultures dictating how things are done and an inherent tendency for the profession to be risk averse.
Benjamin Brewster said: A lawyer starts life giving $500 worth of law for $5 and ends up giving $5 worth for $500. It is a sad indictment on certain elements of the legal profession that although Benjamin Brewster died in the 1880s, many clients in 2015 would still agree with his sentiments.
The in-house lawyer role has never been more important and challenging than it is today. As well as functioning as the legal conscience of the organisation, the in-house lawyer manages legal risk, provides important advice on a wide range of legal issues, and endeavours to deliver commercial value for the organisation.
Innovation in the Australian legal landscape means adopting a commitment to addressing the legacy of conservatism and developing an appetite for innovation to improve the client experience.
With the entry of a new generation of digital-native lawyers into the workforce and pressures on law firms, in-house counsel and the justice system to become more streamlined and cost-efficient, technology has become integral to work practices.
Legal professionals operate in an increasingly competitive industry and are under constant pressure to meet their clients' needs, gain competitive edge and increase their efficiency.
What many directors and company secretaries fail to realise is that the foundation of effective cyber risk awareness is just a matter of good corporate governance.
Word of mouth is one of the best ways to sell a product or service. Many consumers rely on reviews for information about goods and services to assist in purchasing. A glowing testimonial or endorsement can have a strong influence on a consumer's decision to purchase a product or service.
The advisory board recognised that developing genuine business insight is a critical first step before encouraging in-house lawyers to develop closer relationships with business colleagues.
LexisNexis spoke with over 100 in-house lawyers to understand the corporate legal landscape in real depth. Among the key themes that emerged, in-house lawyers spoke most passionately about the need to really create value for their organisations.
It doesn't need to be said that clients are the most essential aspect of every legal professional's practice — after all: no clients, no practice.
Workflow and Productivity in the Legal Industry
How today's legal professionals are responding to the changing landscape
The rise of the use of technology in the legal profession to achieve greater efficiencies and flexibility has been well documented.
How many times a day, as a Partner or Sole Practitioner, do you wish for less IT hassles, lower costs for equipment maintenance or enhanced productivity through the use of technology? However, you didn't get past the point of thinking about it.
Every new law firm owner starts out doing pretty much everything. Hard work and sacrifice are part of the price of starting a new business.
The Legal Profession is under pressure to change and selecting the right Practice Management System is essential to the long-term success of a practice.
There are a growing number of court cases and enforcement actions initiated by regulator relating to claims that intermediaries are responsible, or share some liability, for the actions of the users of the services, software, and facilities they own or operate.
For legal firms technology is often perceived as something to which the individual or organisation must adapt.
In January 2012, our UK LexisNexis In-house Advisory Board met to share practical experiences of using metrics to demonstrate the value of the inhouse legal team.
A lawyer's success could be said to rest on a bedrock of good decisions. Equally, a successful law firm is one that is adept at good decision making across all facets of its business, whether it is picking the right argument for a matter, selecting the right law to support an argument, choosing the correct precedent, recruiting a good team, providing clients with information which is useful, ensuring your client base is made up of profitable clients, or accepting profitable matters to work on.