Regulatory and Compliance Training & Consultancy

Residual Client Ledger Balances Help

January 2017

If your firm has a problem with residual client ledger balances, there are various ways in which we can help and provide assistance to ensure that your firm is compliant with the SRA Accounts Rules 2011.

In 2017, we will be hosting a number of intensive two-hour Residual Client Ledger Balances Workshops at various locations across the UK. These workshops will help the firm's Compliance Officer for Finance and Administration (COFA) and Legal Cashiers by taking a practical look at all the relevant rules, namely rule 14.3, rule 14.4, rule 20.1(j), rule 20.1(k) and rule 20.2 of the SRA Accounts Rules 2011. The workshops will also provide you with practical advice which will help to avoid residual client ledger balances building up in the future, as well as looking at what can be done about any existing, and perhaps longstanding, residual client ledger balances which might currently exist. Follow the link for further information on our Residual Client Ledger Balances Workshops.

Our bespoke in-house SRA Accounts Rules training courses can help to raise awareness amongst both fee earners and finance staff of the requirements of Rule 14.3 and Rule 14.4 of the SRA Accounts Rules 2011 as well as the Solicitors Regulation Authority's exacting expectations detailed in their recent guidance covering residual client ledger balances.

At Legal Finance Professionals, we provide a ‘Residual Client Ledger Balances Clearance Service’ to our client firms. This is ideal for those firms that are struggling to deal with old client ledger residual balances themselves and may cost a lot less than you think.

If you are a Compliance Officer for Finance and Administration (COFA), you need to be fully aware of the compliance and reporting implications that residual client ledger balances involve. Our article looking at Residual Client Ledger Balances and the COFA’s Reporting Obligations explores the issues involved.

If you are just looking to understand the issues surrounding residual client ledger balances a little better our guidance document entitled, ‘Dealing with Residual Client Balances under the SRA Accounts Rules 2011’ has proved to be very popular and provides advice on how to tackle your residual client ledger balances.

If you would like to discuss residual client ledger balances problems or other SRA Accounts Rules 2011 issues, please contact Richard Lane on 0330 223 5346 for a confidential discussion.

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