The Law and Regulation of Solicitors: Client Money

All those involved in legal services delivery, whether solicitors, licensed conveyancers, reporting accountants, or other legal professionals, need to understand the requirements for receiving, holding, and transferring client money. Handling this money also has another dimension for the professional to carefully consider: the serious issue of anti-money laundering. Presenting the rules, requirements, and anti-money laundering context of law firm financial management in an easy-to-understand guide, this book takes a new angle by examining client money in two important and related arenas: - Within the client account - Within the legislative framework for money laundering Providing a straightforward explanation of the Solicitors Accounts Rules, CLC Accounts Rules, the Money Laundering Regulations 2017, and the relevant sections of the Proceeds of Crime Act 2002, its practical layout encompasses diagrams, worked examples, and a section of training materials for use as continuous professional development. The book not only informs and is a reference point for the reader and their firm, but it also provides example forms, risk assessments, and training plans. Firms can use it as a basis for policies and procedures, learning and education, and for broader policy debate amongst more senior professionals. This is essential reading for those studying to become solicitors or licensed conveyancers; legal and finance professionals; money laundering reporting officers; and accounts professionals in legal services. "This new title engages law staff and those in prominent associated roles in confident regulatory practice, by detailing the legislative framework sitting behind the Solicitor Regulation Authority's (SRA) regulations. The legal discussion is accompanied in each section by a separate practical discussion of: - the management issues arising from the legislation - possible solutions for implementation within firms - regulatory debates - analysis of the possible gaps The book focuses on practice as an annual event, covering the need to renew, and the idea behind returning to the regulator for authorisation each year. With an in-depth look at practising certificate conditions and the overall management of legal risk; the focus of the calendar year will also draw out other reporting events. With specific content for solicitors, reporting accountants, law firm managers, freelancers, non-regulated firms employing solicitors, registered European lawyers, registered Foreign lawyers, and those subject to other competing forms of regulation, the book reflects and describes legal risk for all forms of modern legal practice. As part of the management discussion for firms it also covers strategic decision making for firms and the different regulatory and risk management outcomes of setting up a practice in different ways."-- Preface Table of Cases Table of Statutes Table of Statutory Instruments Table of SRA Rules and Regulations and Council for Licensed Conveyancers Codes Introduction Part 1: The Accounts Rules Part 2: Receiving Client Money Part 3: Risk Assessments and Risk Management Part 4: Legislation, Regulatory Outcomes, and Offences Part 5: Case Studies Part 6: Continuous Professional Development Part 7: Current and Future Developments Part 8: Conclusion Bibliography Index