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Solicitors' Accounts Rules

If you are new to the Solicitors' Accounts Rules or wanting to develop your knowledge of the rules these essential resources will help you keep up to date with the latest changes.

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SRA Consultation

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The Solicitors Regulation Authority's (SRA) deadline for the submission of responses to their consultation on reporting compliance with the SRA Accounts Rules was on 18 June 2014. ICAEW and the Solicitors Group responded to the consultation.

Residual balances

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With the SRA recently consulting on increasing the amount firms can donate to charity without prior authorisation under rule 20.2, Executive Council Member Jacky Ellis outlines the current rules for dealing with residual client account balances and provides some handy hints.

10 things you should have done as COFA!

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The introduction of the Compliance Officer for Finance and Administration (COFA) and more crucially the reporting duties that are incumbent on the role has seen firms adopt a shift in focus away from past tendencies to reactively remedy breaches to the more proactive prevention of breaches.

The role of the COFA

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The time for theory is over – practical solutions need to be implemented to ensure compliance with the regulatory responsibilities of this role.

So how does it feel to be a COFA?

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Since 1 January 2013, the Solicitors Regulation Authority (SRA) has required all law firms to have a compliance officer for finance and administration (COFA). Adrian Jennings, Director of Finance at Cripps Harries Hall, gives a COFA’s own perspective on taking on this role.

Common breaches of SRA accounts rules

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As it is the time of year when many reporting accountants are carrying out the detailed testing required to prepare the annual accountant’s report to the SRA, this article may provide a timely reminder of a few of the more common breaches of the rules – some as a result of misunderstanding the rules.

OFR and COFA - a checklist

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As much has already been written about the roles of the COFA and COLP, emphasising the necessity to comply with outcomes focused regulations (OFR), here we provide a high level checklist of key procedures and processes that should be in place or considered.

COLPs and COFAs – latest developments

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In this article we look at the latest developments for firms in appointing their COLP and COFA.

Understanding the COFA

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Following the introduction of the new Code of Conduct in October 2011, practices should be turning their attention to nominating a compliance officer for finance and administration (COFA). Firms will need to make their nominations by 31 July 2012 and the forms will be available from 31 May 2012 so the need is pressing.

As easy as ABS

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The advent of alternative business structures presents not just threats, but also opportunities. Nick Learoyd explains how you can decide if the new structure would be right for the financing and structure of a traditional law firm, and the practicalities of making the change.

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