For practice in England and Wales, 'client money' is defined in rule 12 of the SRA Accounts Rules 2011 as follows:
All money held or received in the course of practice falls into one or other of the following categories:
- (a) 'client money' – money held or received for a client or as trustee, and all other money which is not office money; or
- (b) 'office money' – money which belongs to the solicitor or the practice.
For practice outside England and Wales, client money (overseas practice) is defined in the SRA Handbook Glossary 2012 as:
'…money received or held for or on behalf of a client or trust (but excluding money which is held or received by a multi-disciplinary practice - a licensed body providing a range of different services - in relation to those activities for which it is not regulated by the SRA)'.