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BWE1501 ASSIGNMENT 1 SEMESTER 1 - 2022 (817880)
- Institution
- University Of South Africa (Unisa)
BWE1501 ASSIGNMENT 1 SEMESTER 1 - 2022 () DUE DATE: 15 MARCH 2022
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BWE1501 ASSIGNMENT 1SEMESTER 1 - 2022
UNIQUE NUMBER: 817880
DUE DATE: 15 MARCH 2022
,1
, QUESTION 1
Explain the differences between trust and business money by using examples. One
example describing each concept is sufficient.
Trust money is the client’s money; while Business money belongs to the law firm i.e. it is
the law firm’s money.
The following are examples of trust money:
1. Advance deposits to cover legal fees and expenses (e.g. divorce matters);
2. Monies collected on behalf of a client (e.g. debt collection, Road Accident Fund matters
and Workmen’s Compensation Fund matters);
3. Monies received from other attorneys or opponents where matters have been
successfully concluded (e.g. where the court case was successful and the court ordered the
opposing party to pay an amount to the client for damages); or
4. Monies received in conveyancing matters (e.g. the purchase price for a house) advance
deposits to cover legal fees and expenses.
The following are examples of business money:
1. Money which is owed to the law firm and money that has been received for legal work
already done or for expenses already paid e.g.: postage costs; or
2. When the firm uses money which it owns (i.e.: business money) to pay overheads or to
divide as profit between the partners.
2
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