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Solicitors Community news

The latest news and articles for Solicitors Community members.

Are your client bank account reconciliations fully compliant?

In this article we provide a guide into the client funds reconciliation process to assist practices and their finance teams.

Update on Compliance

In a previous article, Robert Blech discussed the issue of negative interest rates, and the effect that this may have on law firms, who have questioned the impact passing on such charges would have from a regulatory perspective.

Coronavirus impact on the legal sector (one year, and a bit, later)

The coronavirus pandemic was a shock to most sectors, and law firms were no different.

Law firms and the importance of their transparency requirements

The 25 of November 2019 is a date ingrained with the legal sector, which was the date the completely reformed code of conduct was implemented including the SRA Accounts Rules.

Changes in preference and the impact on law firms

Many things seem to have slipped under the radar during the pandemic. One of those is the changes to preference legislation that took place from 1 December 2020.

A change for the better?

In the current environment, where cash is king, being able to plan tax cashflows is vital. Even better, if firms can take action that may actually help to mitigate tax cashflows or bring forward relief to assist, while the worst of the economic impact takes effect.

SRA Accounts Rules – Written policies and procedures – worth a revisit

Way back in October 2019, in what now seems like a very different world, we looked at whether or not firms were ready for the implementation of the new rules on the 25th of November that year. Since that article was published, we have of course had further guidance from the SRA.

The impact of negative interest rates on Law Firms

The impact on law firms has yet to be clarified, although the consequences will be far reaching in respect of holding client funds.

Law Firm reporting: have we lost our way?

The apparently poor quality of the reporting and especially the brevity, of the published information has been frustrating.

Latest update on filing a qualified Accountant's Report

Following on from the article we published in September concerning the filing of qualified reports via mySRA, the SRA have confirmed that 30 September was the final deadline for filing via email under the old system.

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