SRA Accounts Rules 2019

Since the advent of the ‘new’ Accounts Rules back in 2019, few firms seem to have taken advantage of the freedoms offered by the slimmed down version of our fundamental accounting principles, whilst many appear to continue falling foul of the rules. Just recently a large law firm was fined a substantial sum for handling client monies without undertaking any underlying legal work, whilst another solicitor has been struck off for allowing substantial sums to be passaged through a firm’s client account. And another, for allowing control of the accounting systems to be handled by inappropriately trained staff. It goes on.

Fee-earning and administrative staff would both benefit from this webinar update which will consider:

• Thinking behind the new, shorter Accounts Rules
• Less detail does not necessarily mean less onerous
• Key questions to answer
  • Can we bill before we do the work?
  • How should we deal with residual balances on client ledgers?
  • Have our time-frames been shortened?
• Third party managed accounts – are they an increasingly attractive option?
• Reconciliations – what, when, who and how?
• Hardening attitude of the investigating accountants
• Duties of the COFA – acting with integrity
• Tips for amending our terms of business