Appointment of Second Signatories and Book-keepers

Pursuant to the Legal Profession (Solicitors' Accounts) Rules (Solicitors' Accounts Rules), the following key points are to be noted:

• No cash or bearer cheques are to be issued from client accounts except with the leave of Court;

• No withdrawal of client account money may be made from automated teller machines or by means of any telephone banking or on-line banking services;

• Any withdrawal of client money exceeding $30,000 by way of a cheque or other instruction must be signed by 2 solicitors ; and

• Any withdrawal of client money exceeding $5,000 if the law practice has not engaged an approved book-keeper, must be signed by 2 solicitors.

For information on Conveyancing money, please click here.

For more information on the Solicitors' Accounts Rules, please click on the above.

UNCLAIMED CONVEYANCING MONEY

With regard to unclaimed conveyancing money - if your law practice is continuing to hold unclaimed conveyancing money after 31 December 2011, please note that Practice Direction 1 of 2012 applies. There must be at least 2 signatories to the client account and if there is any change in any matter stated in the statutory declaration submitted previously under rule 11 B of the Legal Profession (Solicitors’ Accounts) Rules (in force immediately before 1 August 2011), a further statutory declaration (specimen SD1) notifying of the change is to be submitted to the Council of the Law Society within 7 days of any change

If there is any change in any matter stated in a statutory declaration submitted by your law practice in accordance with Practice Direction 1 of 2012, your law practice is to submit to the Council of the Law Society a further statutory declaration (specimen SD2) notifying of the change within 7 days of the change.