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The medical sector in Australia faces an immediate call to action as the country secures its position as the world's second-most litigious nation, second only to the US. Amid this surge in legal actions, medical practitioners, particularly Surgeons and Doctors, are finding themselves in an increasingly perilous environment.
Speaking at the Cosmetix Surgical Conference in Sydney, Jaswinder Sekhon, an eminent international senior lawyer, underlined the critical necessity for medical professionals to adopt robust strategies for safeguarding their assets. Sekhon drew insights from the United States' two-decade journey in grappling with similar challenges. "Reliance solely on medico-legal insurance is insufficient," Sekhon cautioned. Many insurance policies carry limitations and exclusions, and in certain cases, medical practitioners have limited control over the legal teams appointed by their insurers. Instances like policy breaches involving misconduct or ethical violations could result in complete lack of coverage.
The Cook Islands stands out as a shining example of effective asset protection. With a history of trusts benefiting American professionals, Australian medical practitioners are urged to explore this avenue. Furthermore, offshore financial separation trusts, particularly those offered by the Cook Islands, can be instrumental, especially considering the risk of divorce.
Goldman Law, a distinguished firm specializing in trusts and asset protection and serving a substantial number of medical professionals, has echoed the urgency of this matter. The firm highlights offshore trusts as not only legally sound but also highly advisable. Jaswinder Sekhon, a co-founder of Goldman Law and a prominent legal figure, suggested that places like Dubai can also serve effectively for establishing trusts and foundations. Goldman Law operates nationally in Australia and maintains offices in Auckland, Dubai, and London.
The conference witnessed a captivated audience of Surgeons grappling with Sekhon's eye-opening revelation – the looming spectre of lawsuits throughout their careers. In the US, specific surgical specialties experience an annual litigation rate of up to 30%.
Sekhon humorously remarked, "Consider your asset protection lawyer your closest confidant – a Surgeon's best friend!"
Furthermore, the landscape of litigation funding is burgeoning in Australia, with ongoing class actions like the seven-year Cosmetic Institute breast augmentation case demonstrating persistent vigour. Goldman Law is actively defending a surgeon against the lead plaintiff in that very class action. Coupled with the battle against "no-win, no-fee" law firms, insurance companies are facing unprecedented challenges.
"The trajectory is clear: without adequate strategies for safeguarding your assets and your reputation, there is a significant risk that at some point in your career, you might face financial ruin due to insufficient coverage from your medico-legal insurer – be it due to policy limits, exclusions, or commercial factors. Sekhon has witnessed this nightmarish scenario unfolding for at least two surgeons within the past year.
Jaswinder Sekhon
Goldman Law
+61 1300 343 560
[email protected]
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