Lawyers legal bank interest perks

[Dingerbell4]

Is it /was it true that solicitors can/could completely legally hold large sums (house purchase funds) of their clients money in their personal bank accounts for a "certain"period of time (during conveyancing) and legally benefit from the resultant interest ?,and does this practice still exist and is there a maximum "holding" time?

[factor-fiction]

They have to put the money 'without delay' into a client acount. The Solicitors Accounts Rules govern this area and specify when the interest belongs to the client.

http://www.lawsociety.org.uk/documents/downloa ds/Profethics_SAR.pdf

It depends on the amount and time.

[jen78]

No, we are incredibly heavily regulated in this area and breaches of accounts rules are one of the most common instances of solicitors being struck off.

Accounts are checked by accountants and reported on to our regulatory body who would come down like a ton of bricks on anything not being done as it should.

The rules are very wide ranging covering what money can go where, what can be done with it, time limits for certain sums in certain accounts, dealing with interest, moving moneys, pretty much everything really.