My name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question. Please understand this is not legal advise Please understand this is not legal advise but a guide to assist you.
Whether they are allowed to draw them up is not the issue. What the issue is you relied on their professionalism and I suspect they advised you they knew what they were doing.
They failed in their duty of care to protect you.
You can sue them for negligence but you have to show that they have breached their duty to you and as a result you have suffered loss.
This si something that you have to see a Solicitor in person for and provide them with a full background and details of what was discussed and what was to happen before the agreement was drafted.
There is a conflict of interest working for 2 parties that are at opposing ends of an agreement.
I cannot tell you the chances of success. But being a negligence claim and insurance companies involved the no win no fee solicitors such as Maurice Blackburn would take this on for you.
You also have to get a copy of the judgement from the Magistrates Court.
It is not a simple matter but you may have a claim for negligence. I hope this makes sense and is of assistance.