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Client Money: Trust account management for Australian lawyers

Client Money: Trust account management for Australian lawyers

By Reid Mortensen

A detailed and comprehensive text on the law and professional standards relating to the role of lawyers in handling money held for a client, dealing principally with lawyers’ trust account management. It covers all Australian jurisdictions and includes plentiful accounting examples. It is suitable both as a practitioner reference and for student and PLT use.

Finance Uniform Laws 

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  • Full description

    A detailed and comprehensive text on the law and professional standards relating to the role of lawyers in handling money held for a client, dealing principally with lawyers’ trust account management. It covers all Australian jurisdictions and includes plentiful accounting examples. It is suitable both as a practitioner reference and for student and PLT use.

    This valuable text provides comprehensive and detailed guidance on the law and professional standards and ethics governing the role of lawyers in handling money held for a client, with a particular focus on lawyers’ trust account management. It covers all Australian jurisdictions, and includes the Legal Profession Uniform Law now in force in New South Wales and Victoria.

    As the security of trust money rests significantly on how lawyers account for trust account transactions, the accounting required by law is explained and examples are given to illustrate how accounts are to be kept. The more general legal responsibilities relating to handling of others’ money are also discussed, including those arising in contract, tort and under fiduciary and trustees’ duties. The author also addresses the statutory powers that underpin civil remedies such as the ordering of accounts and appointment of receivers.

    The scope and depth of coverage of this work make it essential reading for legal practitioners, students and graduates undertaking practical legal training.

    Features:

    • Comprehensive coverage Australia-wide of trust account requirements.
    • Identifies the underlying ethical responsibility of practitioners in managing client funds.
    • Ensures appropriate awareness of the consequences of breach.
    • Includes plentiful accounting examples.
    • Clear, accessible explanations.
  • About the author

    Reid Mortensen is the Head of School in the School of Law and Justice, University of Southern Queensland. He is general editor of the journal Legal Ethics, and a member of the Board of the International Association of Legal Ethics. He is also a member of the Queensland Law Society’s Ethics Committee. He researches and has published extensively in the areas of legal ethics and private international law.

  • Product details

    ISBN: 9780409342079

    Published: 2017

    Format: Softcover

    Pages: 158

  • Table of contents

    Ch 1. The Lawyer as Fiduciary and Trustee

    Ch 2. Client Money, Classification and Accounts

    Ch 3. Opening Accounts

    Ch 4. Recording

    Ch 5. Receiving and Depositing Money

    Ch 6. Paying Money

    Ch 7. Lawyers’ Accounts

    Ch 8. Interest on Lawyers’ Trust Accounts

    Ch 9. Reconciliations

    Ch 10. Controlled Money and Investments

    Ch 11. Transit and Power Money

    Ch 12. Regulation, Audit and Supervision

    Ch 13. Civil Liability

    Ch 14. Fidelity Funds

    Ch 15. Criminal Responsibility

    Ch 16. Professional Discipline

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