Solicitors Accounts Rule 2

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Solicitors Accounts Rule 2
2009-12-16 13:51:00
solicitor account rule 2

Defined terms and their meanings in the Solicitors Accounts Rules
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  1. Accounting period
    • the period for which the accounts of the solicitor are ordinarily made up, except that it must:
    • (a) begin at the end of the previous accounting period; and
    • (b) cover twelve months.
  2. 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
  3. Approved regulator
    Any body listed as an approved regulator in paragraph 1 of Schedule 4 to the Legal Services Act 2007 (whether or not that paragraph has been brought into force), or designated as an approved regulator by an order under paragraph 17 of that Schedule
  4. authorised non-SRA firm
    a firm which is not authorised to practise by the SRA but is authorised to practise by another approved regulator
  5. Bank
    meaning given in section 87(1) of the Solicitors Act 1974
  6. Building Society
    a building society within the meaning of the Building Societies Act 1986
  7. Client
    The person for whom a solicitor acts
  8. Client account
    an account of a practice kept at a bank or building society for holding client money

    A client account must be at a bank or building society's branch in England and Wales - note ii
  9. Client money
    See rule 13
  10. Costs
    A solicitors fees and disbursements
  11. Court of protections deputy
    includes a deputy who was appointed by the Court of Protection as a receiver under the Mental Health Act 1983 before the commencement day of the Mental Capacity Act 2005;
  12. Disbursement
    Any sum spent or to be spent by a solicitor on behalf of the client or trust (including any VAT element);
  13. Fees
    the solicitor's own charges or profit costs (including any VAT element)
  14. Firm
    a sole practitioner, partnership, LLP or company operating as a legal practice
  15. Lawyer
    includes a barrister, notary, legal executive, licensed conveyancer, patent agent, trade mark agent or costs draftsman
  16. LLP
    limited liability partnership incorporated under the Limited Liability Partnerships Act 2000
  17. Manager
    • a partner in a partnership;
    • a member of an LLP; or
    • a director of a company
  18. Principal
    • a sole practitioner;
    • a partner in a partnership;
    • in the case of a recognised body which is an LLP or company, the recognised body itself;
    • the principal solicitor of the Supreme Court or registered European lawyer (or any one of them employed by a non-solicitor employer (for example, in a law centre or in commerce and industry);
  19. "professional disbursement"
    the fees of counsel or other lawyer, or of a professional or other agent or expert instructed by the solicitor;

    The fees of interpreters, translators, process servers, surveyors,estate agents, etc., instructed by the solicitor are professionaldisbursements (see rule 2(2)(s)). Travel agents' charges are not professional disbursements - note v
  20. recognised body
    a partnership, company or LLP recognised by the SRA under section 9 of the Administration of Justice Act 1985
  21. Recognised sole practitioner
    a solicitor of the Supreme Court or registered European lawyer authorised by the SRA under section 1B of the Solicitors Act 1974 to practise as a sole practitioner
  22. Registered European lawyer
    a person registered by the SRA under regulation 17 of the European Communities (Lawyer’s Practice) Regulations 2000
  23. Registered foreign lawyer
    a person registered by the SRA under section 89 of the Courts and Legal Services Act 1990
  24. Trustee
    • includes a personal representative (i.e. an executor or an
    • administrator), and "trust" includes the duties of a personal
    • representative
  25. Without delay
    either on the day of receipt or on the next working day