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;

• A second signatory is required if the law practice holds or receives any conveyancing money;

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

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

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