ABSTRACT
In a solicitor’s practice, in addition to the trust account, an office account is maintained. The office account is entirely separate from the trust account, as it must be to reflect the duty of a fiduciary to keep the trustee’s own money separate from the fiduciary’s clients. The office account records the financial transactions of the business. Whereas the LPA 1987 and the LPR 1994 strictly regulate the way in which the trust account is operated, the way you operate your office account is up to you. No special regulations control it, except that you are under the same obligations that affect any business.
