Accounts manual for staff—law firms 2019
Accounts manual for staff—law firms 2019

The following Practice Compliance precedent provides comprehensive and up to date legal information covering:

  • Accounts manual for staff—law firms 2019
  • 1 Introduction
  • 2 Basic principles
  • 3 Accounts department
  • 4 Accounts system
  • 5 Client money and office money
  • 6 Client account
  • 7 Third party managed accounts (TPMA)
  • 8 Receiving client or office money
  • 9 Withdrawals from client account
  • More...

    1. 1


      1. 1.1

        This accounts manual sets out our [accounting OR finance] systems and controls for fee earners and other non-[accounts OR finance] staff. There is a separate, more detailed accounts manual for use by the [Accounts OR Finance OR team.

      1. 1.2

        The [Head of Finance OR COFA] is responsible for this manual.

    1. 2

      Basic principles

      1. 2.1

        We must safeguard money and assets entrusted to the firm by clients and others.

      1. 2.2

        We must at all times comply with the SRA Accounts Rules (the Accounts Rules). Except where the Accounts Rules provide otherwise, we must:

        1. 2.2.1

          keep client money separate from the firm’s money;

        1. 2.2.2

          keep client money safely in a client bank account;

        1. 2.2.3

          withdraw client money from a client account only as permitted by the Accounts Rules;

        1. 2.2.4

          not provide banking facilities through a client account; and

        1. 2.2.5

          pay a fair sum of interest on any client money the firm holds.

    1. 3

      Accounts department

      1. 3.1

        The [Accounts OR Finance] department is located at [insert location, eg office if you have more than one office or location within your office].

      1. 3.2

        The [Accounts OR Finance] department is led by [insert name and/or title][, who is also the firm’s Compliance Officer for Finance and Administration (COFA)].

      1. 3.3

        [Insert any other information regarding the structure of your accounts or finance department, eg if you have different teams for different functions].

    1. 4

      Accounts system

      1. 4.1

        We have a central accounting[ and

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