SRA Standards and Regulations

Identifying beneficial entitlements

The SRA will create a reconciled list or a best list in respect of statutory trust monies held, using the information which it has available. In creating a reconciled list or a best list, any sums of money which are identified within a statutory trust account as being payments on account of fees or unpaid disbursements, or which are equivalent to the costs incurred in a matter to which the...

Holding statutory trust monies

The SRA shall place all statutory trust monies in an identifiable statutory trust account. All interest earned on the funds held in any statutory trust account shall be paid into that account.

Storage and retention of accounting records

You must store all accounting records securely and retain these for at least six years.

Distribution of beneficial entitlements

In a case where the accounting records of the intervened practitioner are reconciled accounts, payments to beneficiaries will be made on the basis of the reconciled list. In a case where the accounting records of the intervened practitioner are not reconciled accounts, payments to beneficiaries will be made on the basis of the best list. Any interest which has accrued on a statutory trust...

Exclusions from cover

The Indemnity Fund shall not afford any indemnity in respect of any loss arising out of any claim: for death, bodily injury, physical loss or physical damage to property of any kind whatsoever (other than property in the care, custody and control of the previous practice or member thereof in connection with its, his or her private legal practice for which it, he or she is responsible, not...

Power to require contributions

Solicitors, RELs, RSLs, RFLs, recognised bodies and licensed bodies must make contributions to the Indemnity Fund in such amounts and at such times as may be prescribed. Deleted The SRA may at any time, to the extent that it is reasonably practicable for it to do so, recalculate any claims adjustment applicable to any practice under the Solicitors' Indemnity Rules 2012 (or any earlier...

Interim payments

The SRA may make an interim payment to a beneficiary before the full distribution of funds in a statutory trust account takes place provided that the SRA is satisfied that the payment can be made without prejudicing other claims to those funds.

Qualifying work experience

Qualifying work experience must: comprise experience of providing legal services which provides you the opportunity to develop the prescribed competences for solicitors; be of a duration of a total of at least two years' full time or equivalent; and be carried out under an arrangement or employment with no more than four separate firms, educational institutions or other organisations. In...

Eligibility requirements

You will be eligible for admission as a solicitor if the SRA is satisfied: you have successfully and satisfactorily completed: an apprenticeship leading to qualification as a solicitor; or the academic stage of training and the vocational stage of training; and as to your character and suitability to be a solicitor. The SRA may decide that it is satisfied that you have completed all or any...

Academic stage

Your eligibility to commence the academic stage of training will be determined according to the requirements, which may be approved by the SRA, of the relevant approved education provider. You may be entitled to credit for prior certified or experiential learning, which may entitle you to exemption from assessment in some subjects required by the Joint Statement. You must make any application...