SRA Accounts Rules

Solicitors have no general power to access or view your bank account. This guide explains the three situations where bank statements become relevant in legal matters, what solicitors can actually ask for (and what they cannot), and what happens if you refuse to provide evidence of where your money comes from.

When a solicitor holds your money in a client account, interest accrues on it. Under SRA Accounts Rules 2019, your solicitor must account to you for a fair sum of that interest. This guide explains how the rules work from the client's perspective, when interest is due to you, what happens with larger sums held in probate or conveyancing matters, and what you can reasonably ask your solicitor.

Residential conveyancing generates the highest volume of client account transactions in most law firms. This guide explains the SRA Accounts Rules for deposit handling, exchange, completion, and the five-week reconciliation cycle, with worked examples.

A practical breach-by-breach guide to the SRA Accounts Rules 2019: late or missing five-weekly reconciliations, mixing client and office money, improper withdrawals, banking-facility misuse, residual balances, unpaid interest and late reports. For each, the rule it offends, how to remediate, and when to report to the SRA.

A clear guide for UK solicitors on handling client disbursements correctly under the SRA Accounts Rules. Covers the distinction between disbursement principal and agent, VAT treatment, and practical compliance steps.

SRA Rule 7 requires a firm to account to clients for a fair sum of interest on client money held. This guide covers the fairness test, writing a documented interest policy with a defensible de minimis, how interest is accounted for between client and office account, and the client-care disclosure that keeps you compliant.

A practical preparation guide for UK solicitors and law firm COFAs: the records to assemble, how to choose and instruct an independent reporting accountant, the year-round timeline, what the accountant tests, how to fix issues before the visit, and how to secure an unqualified report.

A clear comparison of office account and client account under the SRA Accounts Rules. Covers the legal basis for the split, common classification errors, and practical compliance steps for solicitors and COFAs.

Most SRA-regulated firms that hold client money must obtain an annual accountant's report, but Rule 12.2 exempts firms whose client money stays within an average of £10,000 and a maximum of £250,000 (or that hold only Legal Aid Agency money). This guide sets out the exact test, two worked examples, and what your COFA needs to monitor.

The SRA Accounts Rules 2019 govern how solicitors in England and Wales handle client money. They require a separate client account, reconciliations at least every five weeks, a fair sum of interest, and an annual accountant's report unless the firm qualifies for the limited exemption. This guide gives a plain-English overview of the core rules, the duties that fall on the COFA, and the breaches the SRA sees most often.

Rule 8.3 of the SRA Accounts Rules requires a three-way reconciliation of every client account at least once every five weeks, signed off by the COFA or a manager. This article goes deep on the mechanics: what the three figures are, why a four-week internal cadence beats a calendar month, how designated deposit accounts and multiple client accounts are handled, and the reconciliation breaches an SRA inspector looks for first.

A precise breakdown of what counts as client money under Rule 2.1 of the SRA Accounts Rules 2019: the four limbs of the definition, the line between client money and office money, mixed receipts, and the nuance around fees and unpaid disbursements held before a bill is delivered. Worked, anonymised examples from conveyancing, litigation, and probate.

The trigger is simple: if your firm held or received client money at any time during an accounting period, you must obtain an SRA accountant's report, unless you meet the Rule 12.2 exemption or hold only Legal Aid Agency money. This post explains exactly what triggers the obligation, what counts as holding client money, the six-month deadline, and what happens if you lose the exemption part-way through the year.