Residual balance record

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

  • Residual balance record

Residual balance record

This form should be completed by the person responsible for deciding how to deal with the residual balance in question.

    1. 1

      Client and matter

      Name of client (if known)[[Insert]
      OR
      Not known]
      Client reference (if known)[[Insert]
      OR
      Not known]
      Matter reference (if known)[[Insert]
      OR
      Not known]
      Fee earner (if known)[[Insert]
      OR
      Not known]
      Description of matter to which residual balance relates (if known)[[Insert]
      OR
      Not known]
      Is file available to be checked?☐ Yes
      ☐ No
      ☐ Not known
    1. 2

      Money held

      Amount or residual balance£[insert]
      How long have funds been held?[[Insert]
      OR
      Not known]
      Is the money held in a client account?☐ Yes
      ☐ No
      ☐ Not known
      Name of client account in which the money is held [[Insert]
      OR
      Not known]
    1. 3

      Methods used to trace the client/rightful owner

      Note: Tick those which have been attempted and state outcome. You are not expected to tick every box in the table below for every residual balance. You must take reasonable steps to return the money to the rightful owner. The reasonableness of the steps taken will depend on (i) the age of the residual balance (ii) the amount of the residual balance (iii) whether you have access to the client’s most up to date contact details and (iv) if not, the costs associated with tracing your client.

      Method used to trace rightful ownerOutcome (if applicable)
      ☐ Written to all known addresses[State outcome]
      ☐ Emailed all

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