LEGAL PROFESSION ACT 2006 - SECT 351 Claims by law practices or associates about notional defaults
LEGAL PROFESSION ACT 2006 - SECT 351
Claims by law practices or associates about notional defaults(1) This section applies if a default of a law practice arising from or constituted by an act or omission of an associate of the practice was avoided, remedied or reduced by a financial contribution made by the practice or by 1 or more other associates.
(2) For this section, the default, to the extent that it was avoided, remedied or reduced, is a notional default .
(3) This part applies, with necessary changes, to a notional default in the same way as it applies to other defaults of law practices, but only the law practice or the other associate or associates concerned are eligible to make claims about the notional default.
Note A regulation may fix a maximum amount that may be paid in relation to a claim (see s 348).