The Law Society has issued updated guidance for solicitors who hold client money.
Clients who have provided funds to you following instruction may request that you continue to hold the funds pending decisions that are yet to be taken. In certain circumstances, it may be convenient for you to hold the money rather than to return and then reclaim it for work undertaken.
The updated practice note aims to clarify the position relating to the retention of client funds and provides an overview of the requirements imposed upon firms under the SRA Accounts Rules 2011
to read the updated guidance.