Jurisdiction(s):
United Kingdom

Key definition

SRA Accounts Rules definition

What does SRA Accounts Rules mean? In legal practice, the SRA Accounts Rules set the mandatory requirements for how solicitors and SRA‑authorised firms and sole practices in England and Wales handle client money and run client accounts. Issued by the Solicitors Regulation Authority within the SRA Standards and Regulations 2019, they are regulatory rules rather than statute. Key features include: defining client money; when a client account must be used (and permitting third‑party managed accounts as an alternative in limited cases); a prohibition on using the client account as a banking facility; prompt banking and payments; transfers of costs only after delivering a bill or written notification;...

SRA Accounts Rules for Law Firms: Client Money, Client Accounts, Exemptions, TPMAs, COFA and Reporting Duties (England and Wales)

Published by a LexisNexis Practice Compliance expert

Practice notes

This Practice Note outlines the SRA Accounts Rules (Accounts Rules) together with supporting guidance issued by the SRA. The Accounts Rules form part of the SRA Standards and Regulations. They emphasise the core principles of:

keeping client funds distinct from the firm’s own money
returning client funds swiftly once a matter concludes
using Client money solely for the purpose intended
proportionate obligations on firms to obtain accountants' reports

The Accounts Rules are succinct, but they are supported by guidance on key topics—see Supporting guidance below. In general, the Rules are drafted in clear, straightforward language that is easy to follow.

Supporting guidance

The Standards and Regulations are supplemented with case studies and guidance presented in various formats, including Q&As, warning notices, decision trees and topic guidance. For the Accounts Rules, the SRA has produced the following:

Do I need to operate a client account?
Helping you keep accurate client accounting records
Accountant's report and the exemption to obtain one
Planning for and completing an accountant's report
Joint accounts and record keeping
Third party managed accounts...

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

Web page updated on 21/05/2026

Popular documents

Using the Judicial College Guidelines to assess general damages in personal injury claims

When evaluating a general damages claim, the practitioner ought initially to refer to the Judicial College Guidelines (JCG)...

Tomlin orders in England and Wales: CPR guidance on drafting, confidentiality, approval, variation, enforcement, limitation, CCA issues, court-specific requirements, sample wording and precedents

This Practice Note This Practice Note reviews mechanisms used in settling litigation. A Tomlin order consists of a consent order paired with a schedule. It operates to stay proceedings on terms that have been agreed. The provisions contained in the schedule may remain confidential. This Practice Note describes the scope of confidentiality attaching to the schedule and sets out how it differs from a standard consent order. Sample wording for a Tomlin order is included, alongside links to precedents, as well as guidance on court approval. It also addresses varying, setting aside and enforcing a Tomlin order, including the considerations the court will take into account when handling applications for each. Further guidance is provided on interpreting and applying the relevant provisions of the CPR; however, some courts and divisions impose very specific requirements for both drafting and approval, and for approaching the schedule and confidentiality issues. Accordingly, you must consider the particular rules and court guide provisions in the forum where your claim is proceeding when drawing up the Tomlin order...

Precedent: Deed of Surrender of Lease with Optional Premium, Settlement and Release, Landlord, Mortgagee and Guarantor Consents, Reimbursement and HM Land Registry Provisions (England and Wales)

Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...

Precedent Statutory Declaration: Standard Wording under the Statutory Declarations Act 1835

I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...