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The government has poured cold water on the use of interest on solicitors’ client accounts to fill the social welfare advice and support gap as recommended last week by the Low Commission.

Comparisons between the 2012 Olympics and the compliance officer for legal practice (COLP) nomination process are more obvious than you might think: both were years in the preparation, shrouded in mystery, beset by operational PR disasters and, ultimately, over in a flash. This month’s blog brings you live coverage of the five-month dash: that’s how long your COLP has to get the firm’s house in order before they become responsible for compliance. Like bog-snorkelling and extreme ironing, the five-month dash is a niche sport, unlikely to grace the Olympics, but pundits are predicting there’ll be a least 11,000 participants by the end of the year.

Lisa Dixon from the Institute of Legal Finance & Management argues that firms should consider issuing separate terms and conditions with their client-care letters that deal specifically with the issues around client funds.

When then shadow justice minister Henry Bellingham last year floated the idea that some client account interest ­should be applied to the legal aid fund rather than solicitors’ pockets, some thought it one of the barmier suggestions of ways to supplement public funding. But even though Mr Bellingham has moved on, the idea has not, as proved by this week’s legal aid green paper.

Solicitors could be struck off for failing to pay the interest they have made on client accounts to the government, under proposals released today. The interest would be used to bolster the legal aid fund after the Ministry of Justice today unveiled a package to cut as much as £440m from the legal aid budget. The Jackson reforms will be implemnted but with possible “refinements”.