SRA Accounts Rules three years on – change, clarity and integrity

The SRA has recently consulted on some minor amendments to finesse the ‘new’ Accounts Rules, introduced three years ago. Intended to clarify some points that have led to confusion, the revisions are few but significant, and aim to reduce the burdens on lawyers. That said, relatively few firms seem to have taken advantage of the new freedoms offered by the slimmed down version of these fundamental accounting principles.

Moreover, the SRA has issued guidance about how it interprets any lack of integrity in the way firms operate those principles and increasing numbers fall foul of the rules. The SRA’s concentration on the use of client account as a banking facility, and the perpetual problem of residual balances continues to rank high on law firms’ hit-lists.

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

• Thinking behind the 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
• Minor amendments proposed for 2023