Regulating a reluctant profession: holding solicitors to account

Chandler, Roy Anthony ORCID: https://orcid.org/0000-0002-8543-9113 and Fry, Nadine 2008. Regulating a reluctant profession: holding solicitors to account. Accounting Forum 32 (4) , pp. 303-312.

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Abstract

Purpose - To trace the evolution of accounting regulations for the UK legal profession. Design/methodology/approach - Lists the basic principles of stewardship and compares their gradual but reluctant acceptance by the UK legal establishment with regulation in other professions. Explains how early methods of dealing with money held on behalf of clients resulted in frauds; and the particular concern raised by the 1900 bankruptcy of a past president of the Law Society and chairman of its disciplinary committee. Tells how the Law Society produced several reports which failed to deal with the problem until the 1933 Solicitors Act required it to make rules about accounting for clients' money. Outlines the 1935 Solicitors' Accounts Rules and later revisions, the 1974 Solicitors Act and later regulations about interest on clients'money, the requirements for an accountant's report and the establishment of a compensation fund for cheated clients. Notes that accounting is still a common cause of discliplinary action and the most frequent cause of queries to the Law Society. Originality/value - Outlines the historical development of accounting regulations governing solicitors in England and Wales.

Item Type:	Article
Date Type:	Publication
Status:	Published
Schools:	Business (Including Economics)
Subjects:	H Social Sciences > HF Commerce > HF5601 Accounting K Law > K Law (General)
Publisher:	Wiley-Blackwell
ISSN:	0155-9982
Last Modified:	25 Oct 2022 08:15
URI:	https://orca.cardiff.ac.uk/id/eprint/51988

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