Historically the SRA Accounts Rules have comprised of a large number of specific rules governing how law firms deal with client money. From 25 November this will change allowing firms more flexibility as to how they ensure client money is properly protected.
The letter covers:
- the introduction of the new principle based rules
- an overview of the changes including the revised definition of client money and removal of specific timeframes
- introduction into the Accounts Rules the option to use Third-Party Managed Accounts
- what the changes mean for your clients – key areas to consider
- planning points for clients.