Law

Client Money: Trust Account Management for Australian Lawyers

By Reid Mortensen
LexisNexis Australia April 2017

Specifications

ISBN-13
9780409342079
Publisher
LexisNexis Australia
Publication
April 2017
Format
Paperback
Jurisdiction
Australia ? Countri(es) for reference only

Details

A detailed and comprehensive text on the law and professional standards relating to the role of lawyers in handling money held for a client, dealing principally with lawyers’ trust account management.

It covers all Australian jurisdictions and includes plentiful accounting examples. It is suitable both as a practitioner reference and for student and PLT use.

This valuable text provides comprehensive and detailed guidance on the law and professional standards and ethics governing the role of lawyers in handling money held for a client, with a particular focus on lawyers’ trust account management. It covers all Australian jurisdictions, and includes the Legal Profession Uniform Law now in force in New South Wales and Victoria.

As the security of trust money rests significantly on how lawyers account for trust account transactions, the accounting required by law is explained and examples are given to illustrate how accounts are to be kept. The more general legal responsibilities relating to handling of others’ money are also discussed, including those arising in contract, tort and under fiduciary and trustees’ duties. The author also addresses the statutory powers that underpin civil remedies such as the ordering of accounts and appointment of receivers.

The scope and depth of coverage of this work make it essential reading for legal practitioners, students and graduates undertaking practical legal training.

Features:-

  • Comprehensive coverage Australia-wide of trust account requirements
  • Identifies the underlying ethical responsibility of practitioners in managing client funds
  • Ensures appropriate awareness of the consequences of breach
  • Includes plentiful accounting examples
  • Clear, accessible explanations

Table of Contents

The Lawyer as Fiduciary and Trustee
Client Money, Classification and Accounts
Opening Accounts
Recording
Receiving and Depositing Money
Paying Money
Lawyers’ Accounts
Interest on Lawyers’ Trust Accounts
Reconciliations
Controlled Money and Investments
Transit and Power Money
Regulation, Audit and Supervision
Civil Liability
Fidelity Funds
Criminal Responsibility
Professional Discipline;
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