The Trust Accounts Department of the Law Society ensures that law practices across the State comply with stringent laws concerning the receipt, holding and disbursement of trust money – the money a law practice holds on behalf of a client or other people in the course of, or in connection with, the provision of legal services.
The Trust Accounts Department carries out this important function by conducting investigations of solicitors’ trust and controlled money accounts, and reviewing general account records in order to detect and prevent fraud.
To promote understanding of this complex area, the Department conducts education programs and offers advice to both practitioners and support staff. To encourage best-practice the Department also maintains a suite of practical resources.
- Operating trust accounts – information and Frequently Asked Questions about the Legal Profession Uniform Law.
- Statutory deposits – how to apply for permission to maintain a portion of a statutory deposit and save time on calculations with the Statutory Deposit Calculator.
- External examinations – information and forms for legal practices and examiners.
- Notification forms – keep the Law Society informed of your trust account activities.
- Significant cash transaction report – what to do when your law practice receives a cash transaction of $10,000 or more.
- Authorised ADI – a list of the latest financial institutions your law practice can use.
- Trust record templates – download samples which assist in ensuring compliance.
- Trust accounting software – see which accounting software has been examined by the Trust Accounts Department.
- Trust Accounts Department
- The Law Society of NSW
- 170 Phillip St
- Sydney NSW 2000
- DX 362 Sydney
- T: (02) 9926 0337
- F: (02) 9223 3602
- E: email@example.com