New guide to accounts rules for solicitors

PKF Francis Clark partner Andrew Allen and director Janet Taylor have co-authored an updated guide for law firms on complying with the Solicitors Regulation Authority (SRA) Accounts Rules.

The fourth edition of Solicitors and the Accounts Rules – A Compliance Handbook (2021) has been extensively revised and updated to reflect significant changes to the regulation of the legal sector.

Published by The Law Society, the book:

• provides indispensable commentary on the requirements of the SRA Accounts Rules
• highlights the key changes
• suggests practical steps that firms can take to ensure effective compliance
• gives a range of practical examples for specific situations; and
• explains common breaches of the rules and how to avoid them.

The fourth edition covers all the changes introduced in November 2019 and explains in detail how to navigate the SRA’s updated Accounts Rules. There is no ‘one size fits all approach’ and the Accounts Rules are considerably shorter than previous versions, allowing firms a higher degree of flexibility while still achieving compliance.

There are also new chapters covering:

• practical tips for COFAs to help them meet their obligations
• guidance for law firms on getting the best from their reporting accountants
• VAT and costs, covering the VAT treatment of fees and disbursements
• trust corporations.

Andrew Allen leads PKF Francis Clark’s specialist national legal sector team and personally advises over 100 law firms across the UK, focusing primarily on law businesses within the UK Top 200.

Janet Taylor is widely regarded as one of the finest trainers on the SRA Accounts Rules and has been advising law firms on regulatory matters for over 20 years.

For more information or to order a copy of Solicitors and the Accounts Rules – A Compliance Handbook, visit https://bookshop.lawsociety.org.uk/p/solicitors-and-the-accounts-rules-4t-paperback/