ILFM: Residual Client Balances – Northern Ireland

Residual Balances for compliant law firm accounting

Who is it for?

Those in legal finance or management, providing training on the Solicitors Accounts Regulations and guidance on returning client money promptly.

If you are new to your role or require a refresher on the subject.

What will it cover?

• What a residual balance is.
• The issue of returning client money promptly and why it is such a challenge for law firms and regulators.
• The Solicitors Accounts Regulations and published guidance.
• Risks and implications of not having effecting systems and controls in place to identify and management residual balances.
• Examples of robust systems and controls you could implement in your firm to aid compliance.
• Case studies and recent reported SDT decisions