Solicitors Accounts Rules - The New November Rules & Key Concerns Explained
The recent adaptations to the Solicitors Accounts Rules - now in version 21 - see the latest in a long line of revisions by the SRA.
In addition, there are new rules scheduled to come into force in November 2019.
As the rules change there is - as always - an increased focus on understanding the key elements and what they do, and do not allow.
This webinar will focus on enabling fee-earners and finance staff to understand the restrictions and the freedoms allowed by the Accounts Rules - in order that you can become more efficient handlers of money.
What You Will Learn
This webinar will cover the following:
- The Existing SARs
- Fiduciary duties regarding client money
- What do the rules currently require?
- SDAs and other client accounts
- Dealing with fees and costs - when can you get paid?
- Interest policies
- New accounting provisions
- The New 2019 Rules
- The SRA's culture shift - new staff, new thinking
- 45 pages are reduced to 6 - what has gone?
- As long as client money is protected, do you need to care about the rest?
- What time-limits must you observe?
- What policies will you need to have in place?
- Can your procedures be adjusted to fit your practice?
- SRA's Key Concerns
- Whose fault is it if money goes astray?
- Identification and protection of client money
- Use of funds only for their intended purposes
- Return of funds at the end of a matter - how do you get rid of residual balances?
- Auditing, investigation and enforcement - a new approach
- The New Rules
- How should you deal with your costs?
- Do you still need to do the work before you bill the client?
- Do you still need a COFA?
- What if the COFA requires something not demanded by the rules?
- Practical Responses - Delivering the Regulator's new expectations
- Do you need to change anything?
- What do you need to bear in mind regarding funding and payment?
- Do you still need to have a policy on the payment of interest?
- Can you use a TPMA? How much does that cost?
This pre-recorded webinar will be streamed at 12:30pm on Tuesday 5th November 2019 and will remain available to view by delegates who have registered by then for 90 days.
Quick Quiz - Test Your Knowledge: Solicitors Accounts Rules