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Solicitors – When do you need a Client Account Audit?

Making sure you are complying with the Solicitors Accounts Rules is a constant worry for law firm owners. If you are a small solicitors firm, when do you need to start having your Client Account Audited?

  • If you are running a Client Account and
  • If the average amount held in Client Account at the monthly reconciliations across the year is over £10,000 or
  • If at any of the reconciliation dates the amount you hold in Client account exceeds £250,000

If you want to ask further questions then feel free to contact us. Our resident expert on the Solicitors Accounts Rules is Ian Johnson who is the current Chair of the ILFM and Vice Chair of the ICAEW Solicitors Advisory Group which issues guidance to all Reporting Accountants. He is also an accountant with a track record at KPMG, and director at Hazlewoods and Saffery Champness. He is also an expert on anything relating to Law Firm Finance.

If you need to find an account who has expertise in handling the accounts for solicitors firms and doing the Client Account Audit, then we can help with a recommendation.

Contact us: Ingemar: 07887 524507 or ingemar@hunningsconsultancy.co.uk

While you’re here why not have a look at the drop down menus at the top of this page of our website for our other services. We provide a ‘One-Stop-Shop’ for Business Support for Law Firms. Everything to allow a busy partner to get on with their client work.

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