The SRA Accounts Rules remain a challenge for anyone responsible for dealing with client monies in a law firm. Some aspects of the rules are more straight forward than other and some breaches are more serious than others. This session targets certain aspect of the rules to ensure that you are kept up to date with, and alert to, some of the higher risk and common breaches of the Accounts Rules.

For those who are (or should be) familiar with the rules this update picks up the latest ‘hot topic’ breaches as highlighted and seen by both the SRA and external accountants. It also ensures that delegates are kept up to date with any changing interpretations of different parts of the rules.

While the session is suitable for anyone in a law firm, or their reporting accountant, it is aimed at the principals, COFAs, fee earners and accounts staff in law firms who are responsible for ensuring the firm’s compliance with the Rules.

While there is no substitute for a detailed knowledge of these Rules this short session focuses on just a few areas. It covers common breaches and those of a more significant nature namely:

• What constitutes a properly prepared and reviewed client account reconciliations under rule 29(12).
• How is rule 14.5, which clearly states that a firm must not provide banking facilities through the client account, being ‘unwittingly’ being breached.
• The problem of failing to properly deal with residual balances on client matters under rules 14.3, 14.4 and 20.2.
• Improperly using suspense ledgers in manner not considered justifiable under rule 29.25.