Accounts rules

SRA plans to exclude fees from narrower definition of client money in accounts rules overhaul

The Cube, Birmingham

The Solicitors Regulation Authority is planning a new definition of ‘client money’ which would exclude fees and disbursements. The move is part of its overhaul of the Solicitors Accounts Rules, which could also open the way for more solicitors to hold client money in third-party managed accounts.

June 3rd, 2016

Law Society asks solicitors: Should we abolish client accounts?

Tax calculator and pen

Solicitors are being asked by the Law Society whether separate client accounts should be abolished, as part of a consultation on the accounts rules. The society is seeking views on six options in advance of a review by the Solicitors Regulation Authority this spring.

February 3rd, 2016

SDT questions prosecution of solicitor with “almost 50 years of exemplary service”

The Cube, Birmingham

The Solicitors Disciplinary Tribunal has voiced “serious doubts” over whether a solicitor, aged 79 and “with almost 50 years of exemplary service”, should have been referred to it for prosecution. Reginald Hemmings told the tribunal he found the experience “extremely distressing”.

January 11th, 2016

Solicitors should be able to practise from unregulated firms, SRA suggests

Regulation and Compliance Conference

Practising solicitors should be allowed to deliver advice to the public from unregulated firms, subject to restrictions, the Solicitors Regulation Authority has suggested as part of a phased review of how it regulates both individuals and organisations.

November 27th, 2015

Immigration lawyer who lied to High Court is struck off

rcj 2

A solicitor who lied to High Court and was found guilty of contempt – leading the now Lord Chief Justice to refer him to the Solicitors Regulation Authority – has been struck off by the Solicitors Disciplinary Tribunal.

May 26th, 2015

Doubts over SRA plan to offer ‘client account alternative’

Michelle Garlick

Plans to offer solicitors the option of a “third-party managed accounts” instead of the traditional client account have divided opinions, with some criticising a lack of detail and questioning whether the move would reduce fraud.

April 24th, 2015

SRA delays second phase of reforms on submitting accountants’ reports

SRA logo on brick wall

The Solicitors Regulation Authority has delayed the introduction of the second phase of its reforms of the rules on submitting accountants’ reports from next month to November this year.

March 13th, 2015

SDT to SRA: Giving accountants more responsibility will encourage law firms to play “blame game”

accounts under magnifying glass

Giving reporting accountants more responsibility in identifying risks to client money will encourage law firms to play the “blame game”, the Solicitors Disciplinary Tribunal has warned.

February 9th, 2015

Big corporations can look after themselves, says SRA as it unveils fresh approach to regulation

SRA reception sign

Consumers of legal services do not all need the same level of protection and some of them, such as big corporations, might not need “any protection at all”, the SRA has said in a policy statement on its approach to regulation.

May 8th, 2014

End of the annual accountant’s report is nigh

accounts under magnifying glass

The Solicitors Regulation Authority has unveiled plans to remove the requirement that firms have their client accounts reviewed by an independent accountant and submit an annual accountant’s report.

May 8th, 2014