SRA Accounts Rules – Checklists for Success

Course Content

The SRA Accounts Rules have long formed a familiar part of practice management, with only limited change over several decades. The current streamlined version, introduced in 2019, was intended to simplify compliance – but recent high-profile cases, including the Axiom Ince fraud, have prompted renewed scrutiny. This session explores the SRA’s latest concerns around client money handling, interest on client funds, and residual balances. Although proposals to restrict solicitors’ ability to hold client money have been paused, further consultation is expected. The course provides practical guidance and key checklists to help firms ensure continued compliance with the Accounts Rules.

The session will cover:

1. An outline of the current SRA Account Rules
2. Key developments in:
   1. How we describe ‘disbursements’ in our bills
   2. Charging the correct VAT
   3. Dealing with residual balances on Client Account ledgers
   4. Offering of banking facilities – case studies and examples
3. Interest as a contributor to overall profits
4. Recent enforcement actions and penalties
5. The relationship with reporting accountants
6. Key checklists and benchmarks

Trevor Hellawell, Solicitor, CEO ExLPD