SRA Accounts Rules 2025

The Accounts Rules continue to cause some discomfort in law firms, not least because of the fallout from the Axiom Ince scandal. Are we doing enough to remain compliant with the letter, and spirit, of the ‘new’ Rules?

Recent SRA indications would suggest that we may be prohibited from handling client money at all in the not-too-distant future, and that we may be prevented from receiving interest on sums held for clients. What impact might these alterations have on law firms’ cashflow?

That, and the impact of the banking facilities restriction continue to impact on even the best-run firms.

Accounts staff, fee-earners and others would benefit from this reminder of the key topics and a discussion of the wider implications of the ‘lighter touch’ Rules.

Learning Objectives:

• The fundamental principles
• An outline of the current provisions
• The background to the SRA’s approach to enforcement
• Particular areas of focus
  • What is and is not client money
  • The obligations relating to residual balances
  • The banking facilities restriction
  • Accountants’ reports
  • Interest on client funds
• Recent SRA consultations