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The Solicitors Accounts Rules - Keeping you up to date

SAR - Keeping you up to date

Wednesday 29th September 2021 - 9.45am - 5.00pm

Speaker: Janet Taylor, Director, PKF Francis Clark
SRA Competence: D


This all day Seminar is intended to be presented live at Exeter Racecourse subject to conditions allowing. If this is not possible it will be presented using Zoom web conferencing.


Why you and your staff should attend these sessions?


The protection of client money is the joint and several responsibility of all principals in a law firm. This responsibility extends not only to their own compliance but that of all employees.


While the accounts team in many law firms often take the lion’s share of the burden of dealing with the SRA Accounts Rules requirements, effective compliance depends upon everyone in the firm understanding their role, responsibilities, the firm’s own procedures and in communicating information effectively.


The latest version of the SRA Accounts Rules came into force in November 2019. The regulator introduced a number of changes, moving away from very detailed prescriptive rules to a more ‘principles’ based approach - but what does this actually mean in practice?


The purpose of this training session is to ensure that all fee earners and staff are up to date, have a good understanding of the key rules and common pitfalls.


The sessions will be practical and participative and will use case study exercises and examples.


Morning session - Your essentials


Aimed at staff with little or no knowledge of the Rules and those who are returning to this area and need to get back ‘up to speed’ and will cover:

  • The SRA Standards and Regulations
    • Where the SRA Accounts Rules fit in
    • Areas of the Codes of Conduct which impact on the SRA Accounts Rules?
    • Who is covered by the Rules
  • The Accounts Rules
    • Fundamental principles
    • All the key definitions
      • Client versus non-client money.
      • Disbursements
    • Holding and dealing with client money
      • Bank accounts
      • Receipts and payments
      • Transferring money for costs
      • Dealing with balances
      • Accounting records requirements
    • Client account reconciliations

Afternoon session – Risks and common problem areas


While the SRA Accounts Rules are now much shorter and less prescriptive than the previous version, this ’flexibility’  can bring its own challenges. This session will look at some of the high risk areas and common problems under the new Rules.


Aimed at those with a wider knowledge of and responsibility for compliance, particularly partners and COFAs, and will cover:

  • All the very latest Guidance from the SRA
  • Responsibility for compliance and the role of the COFA (and those who support him/her)
  • Higher risk areas and the latest SRA guidance on these issues, including:
    • The prohibition on providing banking facilities through the client account
    • Dealing with residual balances;
    • Money held in the Client’s own bank account
  • Any other ‘special’ situations (including joint accounts, Legal Aid monies and TPMAs)
  • ‘Suitable’ systems and procedures and written policies
  • Changes we have seen so far


Speaker -  Janet Taylor, Director, PKF Francis Clark


Janet joined PKF Francis Clark as part of the firm’s specialist legal team in 2018 having been an owner in Taylor Mowbray LLP for over 12 years. Prior to that she spent over 10 years with another top 20 accounting firm heading up their specialist solicitors’ group. A highly experienced presenter Janet provides relevant and practical training on a number of financial issues for lawyers. Over the last 18 years she has regularly presented training on the SRA Accounts Rules to a wide range of accounting and law firms through in-house and public seminars. Clients have included several major international and national law firms as well as their reporting accountants. Janet is the current Subject Matter Expert for the ICAEW’s Solicitors Community Advisory Group.


Members: £180.00 + VAT (£216.00 inc. VAT) 

Non Members: £210.00 + VAT (£252.00 inc. VAT)


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