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Residual Balances
Length: 1 Hour
Published September 24, 2022
Last Updated on June 27, 2023
Who is this training for?
This online workshop is for Solicitors, Lawyers, Accountants, Compliance Officers, COFA’s, Legal Accounts Professionals, Legal Cashiers and anyone that has any involvement in working in legal finance and compliance.
Purpose of this training?
The SRA Accounts Rules require you to return client money promptly to the client, or third party for whom the money is held, as soon as there is no longer a proper reason to hold those funds. Unfortunately, there may be occasions when client funds are still held at the natural end of the matter and where it becomes difficult to clear the balance as you cannot identify or trace the client. Certain action needs to be taken to correctly clear funds, which may include release to someone other than to the client. The approach may depend on whether the client can be traced, the size of the balance held in the client account etc.
This online workshop has been designed to meet the needs of those with an interest in learning how to tackle the age-old problem of residual client ledger balances and provides an overview of the requirements for firms under the SRA Accounts Rules, offering practical guidance for dealing with residual client balances.
- SRA Accounts Rules
- SRA Mandatory Guidance
- Solicitors Disciplinary Tribunal Cases
- The COFA’s Obligations
- Existing Residual Balances
- Systems, Controls and Preventative Measures
- SRA Waiver Application
- Client Money Retention Policy
Further Information
SRA Residual Balances £500 or Less
SRA Residual Balances Greater than £500
Practice notes and training sessions represent the Association of Legal Compliance & Accounts’ view of good practice in a particular area. They are not intended to be the only standard of good practice that firms can follow.
Practice notes and training sessions are not legal advice, and do not necessarily provide a defence to complaints of misconduct or poor service. While we have taken care to ensure that they are accurate, up to date and useful, we will not accept any legal liability in relation to them.
Frequently Asked Questions
All ALCA online training is delivered live, interactive and is recorded. We bridge the gap between ‘face-to-face’ and online training by applying a blended approach. Questions can be posed to trainers throughout the workshops with quizzes/polls being used to engage with attendees.
Workshops can be continuously replayed for 60 days after broadcast.
Benefits?
- Reduced cost
- Can be taken anywhere on any device – no travel time or cost
- Shorter and more efficient than face-to-face
- Live and interactive
- Recorded and can be replayed at your leisure
Our online workshops are delivered via Zoom. You can access the session via your computer, tablet or mobile device.
Details on how to join the online session will be provided the day before the training goes live.
We recommend you run a system test and check your internet speed by clicking <a href=”https://zoom.us/test” target=”_blank” rel=”noopener”>HERE</a>.
If your firm prevents you from using Zoom, please <a href=”mailto:hello@alca.org.uk”>contact us</a>.
There is no requirement to attend live but we advise that you do where you can as this will be the best experience for you. Don’t forget, you can pose questions live to the trainer and join in with the interaction when you attend live. Also, be mindful that you have access to the recording for 30 days, after which, it will no longer be available.
Not at all. We prefer it if candidates do as it makes the training more engaging but it is not mandatory to turn your camera or microphone on during the training session.
If you don’t have a microphone, you can still pose questions using the chat facility.
