ILFM: Residual Balances for Law Firm Accounting

18th November 2023 at 2:00 pm - Online

This online session provides clarity and guidance for identifying and managing residual balances in law firms in England & Wales.

Who is it for?

Those in legal finance or management, providing training on the SRA Accounts Rules and published guidance on returning client money promptly.

If you are new to your role or require a refresher on the subject.

What will it cover?

  • What a residual balance is.
  • The issue of returning client money promptly and why it is such a challenge for law firms and regulators.
  • The SRA Accounts Rules and published guidance.
  • Risks and implications of not having effective systems and controls in place to identify and manage residual balances.
  • Examples of robust systems and controls you could implement in your firm to aid compliance.
  • Case studies and recent reported SDT decisions.