Regulatory and Compliance Training & Consultancy

Solicitors Accounts

The current Solicitors Accounts Rules (SAR) are contained within the Solicitors' Accounts Rules 1998. These govern the handling of all monies received by solicitors.

The Rules lay out the basic principles that must be observed when dealing with client money. These include an obligation to comply with rule 1 of the Solicitors' Code of Conduct:

• to keep all funds belonging to the practice and clients separate and to keep client's money in a bank or building society account identifiable as a client account.

Proper accounting systems must be established with controls over those systems to ensure compliance with the rules. Records need to be maintained to show the position with regard to the money held for each client. Legal Finance Professional can help advise with the set up of these systems so call to speak to one of our advisers on 0845 6500 112.

The Solicitors Accounts Rules contain a requirement to co-operate with the Solicitors‘ Regulation Authority in checking compliance with the Rules and to deliver annual accountant’s reports. Legal Finance Professionals can help give guidance as to what a SAR inspection entails so that you can ensure that all your procedures are fully compliant before an inspection happens.

Our course How to Survive an SAR Inspection is delivered by Richard Lane, a former Forensic Investigation manager with the Solicitors' Regulation Authority who can give valuable insight into how the inspections are carried out and what key areas will be looked at. To book on the SAR Inspection training course click here.