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Solicitors Accounts: 2023 Regulations Webinar

Featuring Martin Lawlor and Chairperson Christopher Callan.

75
Online
1.5 CPD Hours: Client Care & Professional Standards
On-Demand Webinar
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About this course

The New Solicitors Accounts Regulations came into force on July 1st 2023.

Introducing new and important protections for client monies. In addition, various provisions of the existing regulations which were considered inadequate or not sufficiently clear have been amended. The new regulations have implications for solicitors, reporting accountants and Law Society Investigations.

The object of this webinar is to provide you with an overview of the changes introduced and to assess the impact for practitioners in day-to-day practice.

Practitioners should note that training in accounting is mandatory for sole practitioners or compliance partners and/or anti-money laundering compliance partners under The Law Society’s CPD Scheme.

Course Syllabus

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?

Available Dates

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Course DatesLocationPriceSpaces LeftBook
30/01/25
i

30/01/2025 00:00 - 00:00

On-Demand Webinar €75.00 489

Meet the panel

Christopher Callan

Solicitor

Martin Lawlor

Regulatory Compliance Partner

Solicitors Accounts 2023 Regulations Webinar