New Solicitors Accounts Rules came into immediate effect on 25 November 2019 and law firms would be wise to start the new year with the review of their accounting procedures and systems for dealing with client money to ensure continued compliance with the rules.
To recap, the rules have been reduced to just 13 shorter rules which offer law firms, of differing shape and size, the flexibility to introduce new systems and procedures that both protect client money, as well as introducing practicalities for the firm.
To read more about the changes please click here.
Firms should embrace the opportunities the changes present, for example, by introducing new systems that will save administration time whilst still being able to demonstrate overall compliance.
We expect that the changes will evolve over time and we anticipate further guidance from the SRA and other governing bodies, including the ICAEW, in the coming months.