- Advanced/Update/Intermediate *3 hours CPD
Compliance with the Solicitors' Accounts Rules is mandatory for solicitors in private practice (from an office in England and Wales) and solicitors employed by in-house legal departments. The rules are very detailed and in some areas complex with the costs of non-compliance being very high: action being taken by the SRA; repaying funds; rectifying problems; insurance premiums; and reduced client confidence. It is vital that staff dealing with client money have a sound knowledge of the rules and the systems required to ensure compliance.
The course will focus on:
- * Key definitions and responsibility for compliance
- * Receipt and withdrawal rules
- * Dealing with the solicitors own costs
- * The wider scope of "client money" under the 1998 rules
- * Interest rules
- * An overview of the work of the SRA and the role of the reporting accountant
The Solicitors’ Code of Conduct Rule 5 makes the effective running of the firm a matter of professional conduct, requiring partners ‘to be able to produce evidence of a systematic and effective approach to management’. It requires effective systems for supervision, risk management and delegation, and expects training to ensure the competence of all personnel in performing their duties. This course will help you meet this requirement.