Solicitors' Accounts Manual- 11th edition- Solicitors Regulation Authority
ITS YOUR MONEY- SO WHATS YOUR SOLICITOR ALLOWED TO DO WITH IT? An appreciation by Phillip Taylor MBE and Elizabeth Taylor of Richmond Green Chambers If you are a solicitor, you no doubt have a copy already of the Solicitors Accounts Manual -100 pages of accountancy detail for lawyers! This however, is the 11th edition for 2009 and, as a summary of the professional requirements in relation to the handling of client money, it incorporates a number of changes, including all those made to the rules since publication of the tenth edition, up to31 March 2009. Of particular interest is Part A which sets out clearly the principles on which the rules are based followed by interpretation, generally, of individual terms within the accountancy rules. First of all, a solicitor must comply with the requirements of the Solicitors Code of Conduct 2007 also published by the Law Society. Specifically, pertaining to the Accounts Rules, a solicitor must, amongst other things, •Keep other peoples money separate from money belonging to the solicitor or the practice •Use each clients money for that clients matters only •Establish and maintain proper accounting systems •Account for interest on other peoples money in accordance with the rules •Deliver annual accounts reports as required by the rules •and so on, including admonitions about keeping other peoples money safely in a bank or building society account identifiable as a client account. Intriguingly, with reference to accountants, the ...
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Orignal From: Solicitors' Accounts Manual- 11th edition- Solicitors Regulation Authority
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