Distribution of beneficial entitlements

You are reading current version in effect from 25 November 2019
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You are reading current version in effect from 25 November 2019

Glossary terms

intervened practitioner

means the solicitor, recognised body, licensed body, REL or RFL whose practice or practices are the subject of an intervention

reconciled accounts

means that all elements of the accounting records of an intervened practitioner's practice are consistent with each other

beneficiary

means a person with a beneficial entitlement to funds held by the Law Society on statutory trust

reconciled list

means a list of beneficial entitlements to statutory trust monies created from a set of reconciled accounts

best list

means a list of potential beneficial entitlements to statutory trust monies which, in cases where it is not possible to create a reconciled list, is, in the view of the SRA, the most reliable that can be achieved with a reasonable and proportionate level of work taking into account the circumstances of the intervention and the nature of the evidence available

statutory trust account

means an account in which statutory trust monies are held by the Law Society following an intervention