What are Solicitors' Accounts Rules?
The primary objective of the Solicitors’ Accounts Rules is to protect clients’ interests by regulating the custody and protection of clients’ money.
The rules stipulate compliance procedures designed to minimise the risk of a solicitor mixing monies belonging to clients with those of the practice.
The rules also seek to ensure the fair treatment of clients’ money by the payment of interest and apply, with slight modification, to controlled trust money.
These rules have recently been revised, and the new SAR 1998 rules should now have been implemented.
The Law Society requires an annual report from a qualified accountant in respect of every solicitor who handles clients’ money, to confirm that they have complied with the Rules.
It is important to note that the work required in support of the Accountants Report is not an audit, as no opinion is given under the Rules on the financial statements of the practice.
Our Solicitors' Accounts Rules Programme is designed to work closely with you in:
- Satisfying the reporting requirements of the SAR 1998
- Providing our clients with a comprehensive but cost-effective service
