Legal regulatory & compliance news from Legal Finance Professionals

Rupert White Posted By Rupert White
from Burlington Media Group

This month's edition features:

  • Cheque Clearance - Is your Firm Safe?
  • A Special Offer to the LSN community - 20% off all training courses
  • The Solicitors Accounts Rules - All Change!
  • SRA Statistics Show Sharp Increase in Interventions
  • Would your Firm Survive a Visit from the SRA?

The Solicitors‟ Accounts Rules 1998 (SAR‟s) do not prevent a firm drawing against an uncleared cheque paid into the firm‟s client bank account. However, if a firm does so and the cheque fails to clear, other clients‟ money will have been utilised in making the original payment.Consequently, a client account shortage will have arisen which would need to be corrected upon discovery by the principals of the firm under Rule 7 of the SAR‟s.

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