Client money : trust account management for Australian lawyers

Description

Full Title Copyright Preface Table of Cases Table of Statutes Table of Abbreviations Table of Contents 1. The Lawyer as Fiduciary and Trustee Introduction Legislation The legal context Which lawyers? The fiduciary status of barristers The fiduciary relationship between solicitor and client The solicitor as a trustee under the general law 2. Client Money, Classification and Accounts Introduction Client money and the accounts The classification of trust money under the legal profession legislation Accounts to be held under the legal profession legislation 3. Opening Accounts Introduction Opening a trust account Opening a controlled money account The infrastructure of regulation 4. Recording The duty to keep accounts Supervision and principals' joint responsibility Trust records Basic accounting procedures Debits and credits Errors 5. Receiving and Depositing Money Forms of money received The processes when money is received Depositing money Accounting 6. Paying Money Holding trust money When money can be paid out of the trust account Joint beneficiaries Form of payment Dealing in cleared funds Accounting Internal transfers Accounting for internal transfers 7. Lawyers' Accounts Introduction Lawyers' costs and costs agreements Billing and recovery Costs assessments and review of costs agreements Trust account, controlled money and power money statements Paying bills from trust Request or notice of withdrawal from trust Bill rendered to the client Payment in accordance with a costs agreement Method of payment Ledger for the lawyer or an associate Discipline 8. Interest on Lawyers' Trust Accounts Introduction The statutory deposits scheme Drawing on the statutory deposit account Audit Accounting 9. Reconciliations The duty to reconcile Trial balance Cashbook summary ADI charges ADI reconciliation 10. Controlled Money and Investments Earning interest CMA Initiating deposits in CMAs Directions The processes when controlled money is received Depositing controlled money Jointly held CMAs How to deal with interest Withdrawing from a CMA Controlled money statement Investments 11. Transit and Power Money Transit money Power money 12. Regulation, Audit and Supervision Introduction Executive Government Principal regulators External examiners Professional reporting Closing a practice 13. Civil Liability Overview Liability for another's breach of trust Liability of partners Compensation Account of profits Tribunal and regulator jurisdiction Accounts The appointment of a receiver 14. Fidelity Funds The funds Entitlement Exclusions Limitations Postponements Making claims 15. Criminal Responsibility Regulatory offences Stealing and theft Sentencing 16. Professional Discipline Introduction Admission to the legal profession The right to practise and certification Complaints, applicants and tribunals Disciplinary charges Sanctions Index