SOLICITORS' ACCOUNTS RULES UPDATE - HALF DAY SESSION
Wednesday 25th March 2020
Irwin Mitchell, 9th Floor, the Colmore building, 20 Colmore Circus Queensway, Birmingham B4 6AH
13:30 Registration and lunch
14:00 Seminar starts
New SRA Accounts Rules are now in place, are you?
The new SRA account rules should have been implemented within your practice from November 25th 2019-have you managed this yet?
How fully have the new rules been integrated into the practice?
What training has taken place with the Fee Earners to ensure that they understand the differences that have been created by the new rules?
You will be aware the rules are fewer in number and less prescriptive than the ones we have been used to dealing with. Importantly, this truly allows legal service providers to choose how they wish to apply the rules within their practice whilst upholding the profession and delivery of such services to the high standard expected by the SRA. They allow solicitors to deliver the required legal services in a manner to suit their client’s needs.There is an expectation that you will still follow certain standards of behaviour but the details of how will be left to the Solicitor rather than a rule book.
We are becoming no less self-regulated just that the approach of our regulator will be more on managing expected outcomes rather than dictating the method to do so. It is therefore important to have both knowledge and understanding when applying the new rules to ensure full compliance and a sound knowledge of legislation these rules are built on.
Although the changes are in places not major, the SRA have an expectation that you as a solicitor and solicitors’ practice have reviewed and put in place how you wish to apply the rules to meet both your practice and client needs. As you may be aware, where there is no internal practice drawn up the SRA have suggested the old rules will be applied. However the SRA has stated that they expect you to have made a specific decision on how they are to be applied-even if this is in the end as per the old rules. Also bear in mind that some of the changes in the rules mean that the old rules cannot apply thus making detailed knowledge of these new rules all the more important.
This half day course is designed to be practical, include opportunities for questions and discussions and ensure that delegates have a thorough knowledge of what areas may need to have further review. Also included will be some VAT considerations that occur when looking at how the new rules are being implemented.
Linda lives and works in the West Midlands where she came to read Accountancy at Birmingham University. After obtaining her degree she then worked in the banking and financial sector and then as a trainee-chartered accountant before joining the legal profession some 35 years ago.
Linda also trained as a lecturer for further education and currently lectures SRA Solicitors’ Accounts Rules (since September 2006), both for privately arranged in-house lectures, including Law Societies, and also on behalf of the Institute of Legal Finance and Management (ILFM). She is the Tutor for the ILFM’s Associate Accounts Course for some years, and works as a Legal Cashier including freelance consultancy. In the past, articles mainly about the SRA Accounts rules, have been published in the ILFM’s magazine and recently she was asked to advise a firm, Shield Pay, who are a Third-Party Managed Account provider.
Linda’s consultancy has included work in SRA investigations, correcting systems, adding in control systems to ensure compliance, and advising on the latest version of the SRA Accounts Rules. Her work in legal practices has ranged from sole cashier to Practice Manager and the experiences gained has helped her to approach her work with an underlying sound knowledge of how a cash office operates within a legal firm. Her present cashiering role is for a firm specialising in employment law and based in Birmingham-closer to home than some of her previous roles!