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Statutory deposits

Under the Legal Profession Act 2004, the Law Society of NSW must maintain a ‘statutory deposit’ account at an authorised deposit-taking institution (ADI).

Law practices must deposit an amount from their general trust accounts into the Law Society’s statutory deposit account each year.

The Law Society holds the money deposited in trust for law practices and must repay it on demand. Until repaid, the money in the statutory deposit account may be invested by the Law Society. Any interest received on statutory deposit investments must be placed into the Public Purpose Fund, which is used to support services to the community, such as the Pro Bono Referral Scheme.

Statutory Deposit Calculator

The amount a law practice has to deposit into the Law Society of NSW’s statutory deposit account must be calculated in accordance with clause 97 of the Legal Profession Regulation 2005. To help law practices easily calculate this amount, the Trust Accounts Department has developed an online Statutory Deposit Calculator. Enter the Statutory Deposit Calculator.

Request for determination of statutory deposit

If a law practice is unable to pay their minimum deposit it can seek permission from the Trust Accounts Department to pay a lesser amount. For permission to maintain a portion of a statutory deposit, your law practice will need to:

1. Download and complete the Request for determination of statutory deposit form
2. Return the form to the Law Society of NSW’s Trust Accounts department.

Closure of trust account

If a law practice is closing a trust account and changing ADI (bank) then it is necessary to firstly close the statutory deposit, place it in the trust account and then transfer the balance to the new ADI (bank) account.