Dear Colleague,

As you are aware, the new Solicitors Accounts Regulations (S.I. No. 118/2023) came into force on 1 July 2023.

Adherence to these regulations not only increases protection for client moneys but also more clearly responds to the modern-day realities of running a practice, so it is important to understand and incorporate these new rules into our working life and practices.

Considerable work has been undertaken in relation to these new regulations, drawing on the experiences of the Society’s investigating accountants, consulting with both the legal and the accounting professions and taking into account the practicalities of implementation for both large and small solicitors’ practices..

• View the Solicitors Accounts Regulations 2023
• View a summary of key changes

Supports

The Law Society’s Financial Regulation team welcomes your queries, at this or any other time to support you in complying with these necessary regulations. Please email financialregulation@lawsociety.ie with any queries.

If you have missed the Financial Regulation team’s previous updates, or CPD talks conducted nationwide at the request of Bar Associations, you can still view a complimentary 30 minute CPD talk on the LegalEd Talks Hub. The lecture by Garry Clarke, Council Member and Chair of the Regulation of Practice Committee, includes a useful action list for practitioners.

• Access LegalED Talks

In addition, further CPD webinars are being arranged at present and details will be added to the dedicated Regulations webpage and circulated through the eZine. 

Kind Regards,

Maura Derivan,

President