This website uses cookies

We use cookies to improve your experience on our website. If you continue without changing your settings, we'll assume that you are happy to accept all cookies on the CLC website. You can change your settings at any time.

















AGED BALANCES

A CLC practice needs to take active steps to ensure all client monies are properly paid to the rightful recipient at the conclusion of a matter. After 12 months, any monies remaining on the client ledger are treated as 'aged balances'.

CLC practices can determine whether any balances not exceeding £50 should be transferred to the office account, paid to a charity or to the CLC's Compensation Fund. Practices must report to us what they have done and seek permission where the balance exceeds £50.

Rather than deal with aged balances, best practice is to stop them arising in the first place.

Suspense accounts

The use of suspense accounts should be avoided as the money sitting in them can otherwise be forgotten about and it becomes harder to trace the origin of the money as time goes on.

About

Consumers

Lawyers

Trainee Lawyers

Regulation