New Solicitors Accounts Regulations 2023 Webinar

The matters to be addressed include the following:

• Does a solicitor need to open a separate bank account when acting as a personal representative of an estate?
• How frequently must balancing statements be prepared in respect of client account transactions?
• Must client ledger balances be reviewed for undue or unnecessary delays in discharging client monies and immediate action taken to clear same?
• Must a listing of client ledger balances outstanding for two years or more be prepared at the accounting date? Is the reporting accountant required to furnish this list to the Law Society?
• Is it a requirement to furnish clients with a statement of account in respect of each matter?
• Are practitioners required to return client monies to clients when the legal service is completed?
• Evidence of payment in cash: must this include the witnessed signature of the recipient?
• Transfers of funds from client to office account: are these transfers to be related to specific clients?
• What is the time limit for notifying the Law Society of a deficit that cannot be rectified?
• Cheque signatories or transaction authorisers on the client account: must these include a solicitor who is a partner or sole practitioner with a current practising certificate?
• Is it mandatory to maintain a register of undertakings and of funds held on joint deposit?
• Is there a requirement to maintain a file of documents or record in respect of electronic transfers?
• The nature of the obligation on compliance partners to furnish specific confirmation to the Law Society of compliance with the regulations in respect of a variety of matters.
• Specific restrictions in relation to the use of client accounts
• Does responsibility for breach of the regulations extend to the solicitor responsible for the actual breach as well as the principal or partners of the firm?
• What are the implications of the new regulations for reporting accountants and Law Society Investigations?