Trust account is to hold the money a law practice holds on behalf of a client or other people in the course of, or in connection with, the provision of legal services. For example, where money is held for the payment of stamp duty during the purchase of property or received from the proceeds of a court action.
The law practice must deposit any costs you have paid in advance into a general trust account. Rules govern how a law practice can withdraw money for the payment of a cost. Generally, the law practice can withdraw the money in accordance with your directions and advise you when an amount is to be withdrawn.
The Law Society’s Trust Account Department has the responsibility for examining records maintained by law practices to ensure they properly account for the money received which is held on behalf of another person.
