BPP University College Of Professional Studies Limited (BPP)
Please note before downloading that these noted were created for the 2018/19 LPC BPP course.
A comprehensive summary of all rules covered and required for the Solicitors Accounts exam including worked examples. Notes used to achieve a distinction result of 99%.
BPP University College Of Professional Studies Limited (BPP)
Legal Practice Course
Solicitors Accounts
All documents for this subject (6)
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By: laiba_baig • 3 year ago
It has the old rules!
By: lpc-bpp • 3 year ago
Hi, yes these notes were prepared for the 2018/19 course as detailed within the ad. I will update the ad to make this extra clear in the description.
By: toutael-sharkawi • 2 year ago
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Content preview
SRA Accounts Rules
Overarching Objective
Rule 1.1: Keep client money safe.
Rule 1.2(a): Keep client money separate from the firm’s money.
Client or Office Money?
Glossary: Client - The person for whom you act.
Rule 12.8 - Principals:
o Client is sole practitioner or partner: record in Office Account.
o Principal buying jointly with spouse: record in Client Account.
o Principal buying using mortgage: record lender money in Client Account.
o Client is an employee (Assistant Solicitor): record in Client Account.
Rule 12.2(e): Money received on Account of Costs (not yet incurred) – Client Money.
Rule 12.2(a): Money held as a Trustee – Client Money.
o Rule 12.2(d): Not yet paid then any sums received from the client are Client Money.
o Rule 12.7(c)(ii) and Rule 12 GN (i): If already paid then client’s reimbursement is Office
Money.
o Rule 12.7(c)(iii): If incurred but not yet paid then money received is Office Money.
Unpaid Professional Disbursements:
o Professional Disbursement: Fees of counsel, another lawyer or a professional, expert or agent
including interpreters, translators, process servers, surveyors and estate agents.
o Rule 12.2(c) and Rule 12.7(c)(iii): Only becomes Office Money once paid.
Profit Costs:
o Fees solicitor charges to client for work carried out on client’s behalf.
o Rule 12.7(c)(i): Money received in payment of profit costs is Office Money.
Client Account – Client Cash
Rule 13.2: A client account is an account for holding client money.
Rule 1.2(b): Must be identifiable as a client account – label with client’s name.
Rule 13.5: Two types of client account –
o General Client Account: Holds money for several clients.
o Separate Designated Client Account: Account for a single identified client.
Office Account – Office Cash
Rule 12.7(a): Office Money is money that belongs to the firm – salaries, rent and business rates.
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