New SRA Accounts Rules

Larking Gowen recently ran a Solicitors Accounts Rules update seminar with the Norfolk and Norwich Law Society and will be hosting the second running of this seminar with the Suffolk and North Essex Law Society on 22 October. In the seminar we look at offering practical advice on using the new SRA rules to your advantage. To find out more and how to book, please click here.

As there is no ‘bedding in’ period to the rules, law firms, cashiers and COFAs need to make sure they are ready for the changes and understand how the new rules will impact their practice.

You may have seen the recent article from The Law Society Gazette which highlights that COFAs face a ‘huge burden’ as the numbers that have been referred to tribunal are at an all-time high. This ultimately shows the importance the role the COFA has to play in ensuring the rules are complied with in practice.

It’s not all doom and gloom however. There are many opportunities legal practices can take to reduce their administrative burden. A blog from Jon Woolston (link here) highlights some of these but you should start by considering your client care letters, along with the documentation of the procedures and systems your firm will be looking to run, post 25 November. Make sure that all your teams are aware of the guidelines the firm has set itself and the new rules.

There are also some items that don’t appear in the new rules:

• No mention of suspense ledgers
• Legal aid monies (old rule 19) has gone
• No mention of office money 

Need help?

As the implementation date approaches, consider what else your firm could and should be doing for the switch of rules. Of course, if you need any guidance or would like a member of the team to run through the changes, call us on 0330 024 0888.

Martin Bugg