Is the answer the same for every industry?

No. For 34 of the 35 industries Rules Mate maps, the answer is no. Lawyers & solicitors is one of 1 industries with a different answer.

Does NSW + VIC solicitor trust account requirements apply to lawyers and solicitors?

A computed answer from the Rules Mate applicability engine, with the exact condition, the outcome for every structure and size, and the primary source.

Short answer: Only if

Only if you hold trust money. Being in this industry makes the obligation worth checking (Industry: Lawyers & solicitors), but the trigger is a fact the industry alone does not settle.

The obligation in brief

NSW + VIC solicitor trust account requirements. The Legal Profession Uniform Law, which applies in both New South Wales and Victoria, and the Legal Profession Uniform General Rules 2015 govern how a law practice handles trust money: money entrusted to it in connection with legal services, including costs paid in advance, controlled money and transit money. A law practice that receives trust money must maintain a general trust account, may receive trust money only if a principal or legal director holds a practising certificate authorising it, must keep complete and unalterable trust records, and must have those records examined by an external examiner for each trust examination year (1 April to 31 March).

Trigger: Receiving trust money in the course of, or in connection with, legal services. A practice that receives only controlled money or transit money (other than in cash) need not maintain a general trust account, but the money remains regulated.

Why lawyers & solicitors get a different answer

Rules Mate runs its applicability engine across 9 business structures and 6 size bands for each of the 35 industries it maps. For 34 of those industries the answer for "NSW + VIC solicitor trust account requirements" is no. Lawyers & solicitors is one of the 1 where the answer is different: only if.

The deciding fact for lawyers and solicitors: Industry: Lawyers & solicitors; applies only if you hold trust money.

About the industry: Law firms providing designated services. LPP applies, but Tranche 2 obligations otherwise apply.

Compare a professional services (general) business with 6–19 employees structured as a Pty Ltd company: the obligation does not apply (Requires client trust money and industry: Lawyers & solicitors).

Answer by business structure and size

Each cell is the engine's outcome for a business in lawyers & solicitors with that structure and size, assuming it sells to consumers and small businesses and holds customer contact details. "Check" means the obligation turns on a fact the industry does not settle.

"NSW + VIC solicitor trust account requirements": outcome for lawyers and solicitors by structure and size
Structure	No employees	1–5 employees	6–19 employees	20–99 employees	100–499 employees	500+ employees
Sole trader	Check	Check	Check	Check	Check	Check
Partnership	Check	Check	Check	Check	Check	Check
Trust	Check	Check	Check	Check	Check	Check
Pty Ltd company	Check	Check	Check	Check	Check	Check
Public company	Check	Check	Check	Check	Check	Check
Not-for-profit (unregistered)	Check	Check	Check	Check	Check	Check
Registered charity	Check	Check	Check	Check	Check	Check
Super fund	Check	Check	Check	Check	Check	Check
Foreign company	Check	Check	Check	Check	Check	Check

What the obligation requires

When due: Continuous record-keeping and reconciliation; external examination for each trust examination year ending 31 March, with Victorian external examiners lodging end-of-year documentation with the Board by 31 May. A practice that ceases to be authorised to receive trust money lodges examination reports within 60 days after the relevant examination period (General Rules r 68(4)). Irregularities are notified in writing when discovered.
Evidence to keep: General trust account and trust ledger records kept in trust accounting software or a paper ledger (not a spreadsheet, General Rules r 40); bank reconciliations; external examiner's report and end-of-trust-year Parts A and B; written notice of associates authorised at 1 July to sign trust cheques or make transfers (General Rules r 50(2)); deficiency and irregularity notifications; Victorian statutory deposit account records.
Maximum penalty: Causing a deficiency in a trust account or trust ledger account, or failing to pay or deliver trust money, without reasonable excuse is an offence with a maximum penalty of 500 penalty units or 5 years imprisonment or both (Victorian Legal Services Board). Failing to maintain a trust account or to produce records for external examination also attracts penalties under the Uniform Law
Regulator: Law Society NSW and VLSB+C
Jurisdiction: NSW only

Other obligations where lawyers & solicitors differ from the norm

Run the compliance journeyAnswer a short questionnaire about your business and get the obligations that apply to you, with the reason each one applies.

Questions

Does NSW + VIC solicitor trust account requirements apply to lawyers and solicitors?: Only if you hold trust money. Being in this industry makes the obligation worth checking (Industry: Lawyers & solicitors), but the trigger is a fact the industry alone does not settle.
Is the answer the same for every industry?: No. For 34 of the 35 industries Rules Mate maps, the answer is no. Lawyers & solicitors is one of 1 industries with a different answer.

Sources

Law Society NSW: official source

Computed by the Rules Mate applicability engine from the published obligation corpus; facts last checked 3 October 2026. Rules Mate is not a law firm and this is general information, not legal advice. Confirm your position with the regulator source or a qualified adviser before acting.