Aged balances are an ever present problem in law firms. Continual action is needed to deal with residual client account balances owed to clients on newly closing files, and in some firms, additional project work is required to clear a backlog of those balances, which have become aged.
In this webinar, we will look at how and why aged balances arise, and what you can do from a client care perspective when closing a matter for a client. We also examine the regulatory rules, guidance, and associated documentation from the CLC and SRA related to aged balances and discuss when you will need to contact the regulator about those balances.
Whether you are working with clients on their matters, and calculating what is due to them at the close of the file, or working in the accounts team producing bills and examining aged balances, this webinar will assist in helping you resolve those outstanding monies.
We will cover:
· steps to return balances to the rightful owner;
· the balances remaining on client account that can be transferred to office;
· those that require SRA or CLC authorisation before transfer; and
· the relevant SRA and CLC rules.