Robert Blech, Professional Practices sector specialist, looks at compliance issues which law firms may be facing during the COVID-19 pandemic, including client confidentiality, client due diligence/ID checks and court appearances.
Legal Sector News
Reflections on Westminster Legal Policy Forum guidance
ICAEW have now published the updated guidance to Reporting Accountants following the implementation of the new Accounts Rules in November 2019.
With the Solicitors Accounts Rules being culled to just thirteen in its new form, residual client balances still remain important enough to remain as one of them. So why it this such a prevalent issue and are there any differences in the new rules to those of the previous ones?
Heraclitus, Greek philosopher and pioneer of wisdom, is quoted as saying "change is the only constant in life”. Never has this been more true than when considering client money banking arrangements for legal practices.
Saffery Champness and the ILFM (the Institute for Legal Finance and Management) recently collaborated to produce their inaugural law firm survey. Titled “Regulation and Risk – The Good, The Bad and The Ugly”
SRA Accounts Rules 2019. Rule 5.1(c) and paying residual balances to charity.
Whether you are working in a legal practice or carry out the role of external reporting accountant you should be fully aware of the new SRA Accounts Rules, within the new Standards and Regulations, coming into force on 25 November. It is vital that law firms give due thought to the implications for their accounting procedures and systems for dealing with client money.
Following consultation in Spring 2019, the Government has published the draft legislation for extending and reforming the current off-payroll rules. These already apply in the public sector but are being amended and extended to the private sector from April 2020.
As accountants we’re often asked by law firm clients what should they focus on to drive financial performance? You’ll get different answers from different accountants but we focus on five key pillars.