Solicitors' Accounts Rules 1998
Appendix 2 - Special Situations - What Applies?
1 - R.16(1)(a) a/cs in solicitor’s name (not client a/c)
Is it client money?
Yes
Subject to reconciliations?
Yes
Keep books?
Yes – r.32(1)(a) and 32(2)
Retain statements?
Yes – r.32(9)
Subject to accountant's report?
Yes
Produce records to SRA?
Yes
Interest?
Yes – r.24
Retain records generally?
Yes – r.32(9)
Central records?
Statements or register – r.32(11), bills – r.32(8)
Subject to reporting accountant's comparisons?
Yes – r.42(1)(f)
2 - R.16(1)(b) a/cs in name of client – not operated by solicitor
Is it client money?
No
Subject to reconciliations?
No
Keep books?
No – record solicitor’s receipt and payment only
Retain statements?
No
Subject to accountant's report?
No
Produce records to SRA?
No
Interest?
No – all interest earned for client – r.24, note(iii)
Retain records generally?
No – except record of solicitor’s receipt and payment
Central records?
Bills – r.32(8)
Subject to reporting accountant's comparisons?
No
3 - R.16(1)(b) a/cs in name of client – operated by solicitor
Is it client money?
No
Subject to reconciliations?
No
Keep books?
No – record solicitor’s receipt and payment only
Retain statements?
Yes – r.33
Subject to accountant's report?
Limited – r.42(1)(n)
Produce records to SRA?
Yes – r.11
Interest?
No – all interest earned for client – r.24, note(iii)
Retain records generally?
No – except record of solicitor’s receipt and payment
Central records?
Statements – r.33, Bills – r.32(8)
Subject to reporting accountant's comparisons?
No
4 - Liquidators, trustees in bankruptcy and Court of Protection deputies
Is it client money?
Yes – r.9
Subject to reconciliations?
No – r.9
Keep books?
Modified – statutory records – r.9
Retain statements?
Yes – r.9 and r.32(9)(c)
Subject to accountant's report?
Limited – r.42(1)(l)
Produce records to SRA?
Yes – r.9
Interest?
No – r.9 – comply with statutory rules
Retain records generally?
Yes – modified r.32(9)(c)
Central records?
Yes – r.32(12) Bills – r.32(8)
Subject to reporting accountant's comparisons?
No – r.9
5 - Trustees of occupational pension schemes
Is it client money?
Yes – r.9
Subject to reconciliations?
No – r.9
Keep books?
Modified – statutory records – r.9
Retain statements?
Yes – r.9 and r.32(9)(c)
Subject to accountant's report?
Limited – r.42(1)(l)
Produce records to SRA?
Yes – r.9
Interest?
No – r.9 – comply with statutory rules
Retain records generally?
Yes – modified r.32(9)(c)
Central records?
Yes – r.32(12) Bills – r.32(8)
Subject to reporting accountant's comparisons?
No - r.9
6 - Joint accounts – r .10
Is it client money?
Yes – r.10
Subject to reconciliations?
No – r.10
Keep books?
No – r.10
Retain statements?
Yes – r.10 and 32(9)(b)(ii)
Subject to accountant's report?
Limited – r.42(1)(m)
Produce records to SRA?
Yes – r.10
Interest?
No. For joint a/c with client, all interest to client (r.24, note(ix)); for joint a/c with sol. depends on agreement
Retain records generally?
No – r.10
Central records?
Statements – r.32(13) Bills – r.32(8)
Subject to reporting accountant's comparisons?
No – r.10
7 - Solicitor acting under power of attorney
Is it client money?
Yes
Subject to reconciliations?
Yes
Keep books?
Yes
Retain statements?
Yes
Subject to accountant's report?
Yes
Produce records to SRA?
Yes
Interest?
Yes
Retain records generally?
Yes
Central records?
Bills – r.32(8)
Subject to reporting accountant's comparisons?
Yes
8 - Solicitor operates client’s own a/c e.g. under power of attorney – r.11
Is it client money?
No
Subject to reconciliations?
No
Keep books?
No
Retain statements?
Yes – r.33
Subject to accountant's report?
Limited – r.42(1)(n)
Produce records to SRA?
Yes – r.11
Interest?
No – all interest earned for client (r.24, note(iii))
Retain records generally?
No – r.11
Central records?
Statements – r.33 Bills – r. 32(8)
Subject to reporting accountant's comparisons?
No
9 - Exempt solicitors under r.5
Is it client money?
No
Subject to reconciliations?
No
Keep books?
No
Retain statements?
No
Subject to accountant's report?
No
Produce records to SRA?
No
Interest?
No
Retain records generally?
No
Central records?
No
Subject to reporting accountant's comparisons?
No