All law firms authorised by the Solicitors Regulation Authority (SRA) must follow the requirements of the SRA Accounts Rules (the Rules) when dealing with client money. The Rules also apply to those who work in authorised firms.
Firms are required to have internal systems in place to comply with the Rules which must be appropriate to the amount of client money held and the volume of transactions dealt with.
Returning clients’ money
One important requirement of the Rules relates to returning clients’ money to them (or the third party for whom the money is held) promptly. While there is no explicit timeframe, rule 2.5 of the Rules says that this must be done, “…as soon as there is no longer any proper reason to hold those funds.” All monies, however small, must be returned.
Other requirements under the Rules include maintaining accurate, contemporaneous and chronological records of client accounts and, every five weeks, carrying out a reconciliation of bank statements and client ledgers. Failure to comply with the Accounts Rules could lead to the SRA taking action against a law firm.
Don’t let recruitment challenges compromise your regulatory commitments
In common with many other businesses, recruitment challenges persist in law firms, not just when it comes to legally qualified staff but also, in relation to support staff.
At Global BPO, we have recently helped various clients with filling accounts roles. As our clients know, these positions are vital if a law firm is to comply with the regulatory requirements imposed by the SRA; no one wants a compliance fail blotting their copy book!
Now is the time to spring into action
There has never been a better time to spring into action! With enough of the right staff in place you can make sure your firm has effective systems operating to comply with your SRA requirements.
How can we help you?
We can source and place appropriately experienced accounts staff to work seamlessly and securely with your in-house teams or place individual staff to cover your needs.
Get in touch
For more information and to find out how we could assist you, contact our Client Manager, Suzie Young, at: firstname.lastname@example.org