28.03 Continued use of the 1991 rules
Those solicitors who continue to use the Solicitors’ Accounts Rules 1991, the Solicitors’ Accounts (Legal Aid Temporary Provision) Rule 1992 and the Accountant’s Report Rules 1991 (which they may use up to and including 30th April 2000) will need to refer to Chapter 28 of the seventh edition of the Guide and subsequent Professional Standards Bulletins.
28.04 New provisions in the 1998 rules
The 1998 rules include the following substantive changes:
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a limited application of the rules to liquidators, trustees in bankruptcy, Court of Protection receivers and trustees of occupational pension schemes (rule 9, p.691);
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a limited application of the rules to joint accounts (rule 10, p.692);
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a limited application of the rules to clients’ own accounts (rule 11, p.693);
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a relaxation of the rule on unpaid professional disbursements to allow them to be placed temporarily in an office account (rule 19(1)(b), p.702);
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a requirement to transfer billed costs out of client account within 14 days (rule 19(3), p.702);
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a consolidation of the requirements relating to legal aid costs (rule 21, p.704);
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a £20 de minimis figure for the payment of interest, as well as the table of interest (rule 24, p.709);
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controlled trust money to be treated substantially in the same way as client money (rules 8 and 15, pp.691 and 698) except for the payment of interest (rule 24, p.709), and reconciliations for passbook operated accounts (rule 32(7), p.716).
28.05 Accounts of an overseas practice
Solicitors who practise outside England and Wales continue to be bound by the Solicitors’ Overseas Practice Rules 1990, rules 12–16 (see Annex 9A at p.185) in respect of their accounts, accountant’s reports and investigation of accounts. These rules embody the general principles of the accounts rules, but are less detailed and less onerous in their requirements. The Law Society sends out the form of accountant’s report for overseas practices directly to solicitors.
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