NSW + VIC solicitor trust account requirements
Solicitors holding client trust money face strict trust account + audit requirements.
Who must comply
Solicitors holding trust accounts in NSW + Vic.
What triggers it
Holding client money.
When due
Continuous; annual external examination.
Evidence required
Trust account records; bank statements; external examiner's report; LSC notifications for breaches.
Max penalty
Suspension / cancellation of practising certificate; criminal for misappropriation
Summary
Legal Profession Uniform Law (NSW + Vic) sets trust account rules — written instructions, trust account ledger, audit, deposit + withdrawal rules, monthly bank reconciliation, annual external examination.
Enforced by
Industries
Topics
Related obligations
Frequently asked questions
- Who must comply with NSW + VIC solicitor trust account requirements?
- Solicitors holding trust accounts in NSW + Vic.
- What triggers NSW + VIC solicitor trust account requirements?
- Holding client money.
- When is NSW + VIC solicitor trust account requirements due?
- Continuous; annual external examination.
- What is the maximum penalty for NSW + VIC solicitor trust account requirements?
- Suspension / cancellation of practising certificate; criminal for misappropriation
- What evidence is required for NSW + VIC solicitor trust account requirements?
- Trust account records; bank statements; external examiner's report; LSC notifications for breaches.
Source: https://lawsociety.com.au. Rules Mate is not a law firm. Always verify against the live regulator source before acting.