Solicitor Accounts 1 Overview – Client Money, VAT and Compliance
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Solicitor Accounts 1 Overview – Client Money, VAT and Compliance
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About this listen
In this episode of SQE1 Essentials, we cover the core principles of solicitor account rules and SRA compliance — a high-risk, high-importance area for both the SQE1 exam and legal practice.
💼 Topics covered include:
- The purpose and scope of the SRA Accounts Rules
- What counts as client money, and how it must be separated from office funds
- Key duties: handling mixed receipts, operating client accounts, and transfers
- Bookkeeping practices: double-entry accounting, record-keeping, reconciliations
- VAT obligations for solicitors: when to charge, when to reclaim
- The ethical principles governing solicitor finances, and examples of misconduct
- Consequences of breaching the rules — from regulatory action to potential SRA intervention
📘 If you're preparing for SQE1 or entering practice management, this episode provides the essential technical and regulatory framework you’ll be expected to follow from day one.
📲 Explore our training notes, test bank, and ledger templates at celetraining.com or in the PASS-SQE App.
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