Legal regulatory & compliance news from Legal Finance Professionals
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.