Solicitors Accounts Rule 13

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Author:
Claire
ID:
2823
Filename:
Solicitors Accounts Rule 13
Updated:
2009-12-11 12:18:53
Tags:
rule 13 solicitor account client office
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Description:
Decide whether something is client or office money and give the rule
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  1. Money held by the solicitor as a trustee
    Client Money. Rule 13. Note (i)(aa)
  2. Money held by a solicitor as an agent
    Client Money. Rule 13. Note (i)(a)
  3. Money held by a solicitor as bailee
    Client Money. Rule 13 (i)(aa)
  4. Money held by a solicitor as stakeholder
    Client Money. Rule 13. Note(i)(a)
  5. Money held by a solicitor as the donee of a power of attorney
    Client money. Rule 13 Note (i)(a)
  6. Money held by a solicitor as trustee in bankruptcy
    Client money. Rule 13. Note (i)(a)
  7. Money held by the solicitor as Court of Protection deputy
    Client Money. Rule 13. Note (i)(a)
  8. Money held by the solicitor as trustee of an occupational pension scheme
    Client Money. Rule 13. Note (i)(a)
  9. Money held or received for payment of unpaid professional disbursements (fees of counsel or other lawyer, or of a professional or other agent or expert instructed by the solicitor)
    Client Money. Rule 13. Note(i)(b)
  10. Money held or received for unpaid SDLT, Land Registry Registration Fees, Court Fees,
    Client money. Rule 13, note (i)(c)
  11. Money held or received as payment on account of costs generally
    Client Money. Rule 13. Note(i)(d)
  12. Money held or received as commission paid in respect of a solicitor's client (unless under £20 or permission given under R2.02 Solicitors' Code of Conduct)
    Client Money. Rule 13 note (i)(e)
  13. Money held by solicitor liquidators, trustees in bankruptcy, Court of Protection deputies and trustees of occupational pension scheme
    Client money. Rule 13 Note (ii) - see also Rule 9
  14. Money held jointly with another person outside the practice (for example, with a lay trustee, or with another firm of solicitors)
    Client Money. Rule 13 Note (iv)
  15. An advance to a client from the solicitor which is paid into a client account under rule 15(2)(b)
    Becomes client money when it is paid in. Rule 13 Note (vi)
  16. If the SRA intervenes in a practice, money from the practice held or received by the SRA's intervention agent subject to a trust under Schedule 1 paragraph 7(1) of the Solicitors Act 1974
    Client Money. Rule 13 Note (viii)
  17. Money held or received by a solicitor in the course of his or her employment when practising in one of the capacities listed in rule 5 (persons exempt from the rules)
    It is not client money. The rules do not apply.

    Rule 13. Note (x)
  18. Money held or received in connection with running the practice; for example, PAYE, or VAT on the firm's fees
    Office money. Rule 13, note (xi)(a)
  19. Payments received in respect of fees due to the practice against a bill or written notification of costs
    incurred, which has been given or sent in accordance with rule 19(2)
    Office money. Rule 13 Note (xi)(c)(A)
  20. Payments for disbursements already paid by the practice

    Disbursement = any sum spent or to be spent by a solicitor on behalf of the client or trust (including any VAT element)
    Office money. Rule 13 Note (xi)(c)(B)
  21. Disbursements incurred but not yet paid by the practice, but excluding unpaid professional disbursement
    Office money. Rule 13 Note (xi)(c)(C)
  22. Money paid for or towards an agreed fee.

    Agreed fee = one that is fixed - not a fee that can be varied upwards, nor a fee that is dependent on the transaction being completed. An agreed fee must be evidenced in writing.
    Office money. Rule 13 Note (xi)(c)(D)
  23. Money held in a client account and earmarked for costs under rule 19(3) (transfer of costs from client account to office account)
    Office money. Rule 13 Note (xi)(d)
  24. Money held or received from the Legal Services Commission as a regular payment

    Regular payment = standard monthly payments paid by the Commission under the civil legal aid contracting arrangements and the criminal legal aid contracting arrangements; and any other payments for work done or to be done received from the Commission under an arrangement for payments on a regular basis
    Office money. Rule 13 Note (xi)(e)
  25. Money involved in a personal or office transaction for a principal or principals (e.g. a conveyancing)
    Office money. Rule 13 Note (xii)
  26. Where the firm acts for a principal and a lender.

    Money held or received on behalf of the lender
    Client Money. Rule 13 note (xii)(a)
  27. Where the firm acts for a principal and another person, e.g. his/her spouse.

    Money held or received for them jointly.
    Client money. Rule 13 Note (xii)(b)
  28. Money held or received in a transaction for an assistant solicitor, consultant or non-solicitor employee, or (if it is a company) a director, or (if it is an LLP) a member
    Client money - even if s/he conducts the matter personally. Rule 13 Note (xii)(c)

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