Queensland Law Society

New trust account reviews to make record keeping easier

Queensland Law Society’s new trust account compliance reviews, starting 1 July 2011, will help law practices comply with their legislative record keeping requirements and ensure good trust account management practices.

The reviews will operate in conjunction with the QLS’ existing trust account investigation process.

The intention is to have all Queensland law practices participating in a review, or a trust account investigation, once every three years.

The reviews will usually take no longer than a half day and will focus on trust account record keeping obligations and other risk management processes such as costs disclosure and client file retention procedures.

Guidance will be provided to help develop practices and procedures that are best suited to each law practice. However, if a review discloses a significant failure to comply with legislative requirements, a trust account investigation, which is likely to take a minimum of two days, will be scheduled for the law practice shortly after the review.

Feedback on the process is welcome after each review.

For more information contact info@qls.com.au or phone 07 3842 5888.