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The attention of solicitors is drawn to the new requirements imposed on solicitors by the Solicitors’ Accounts (Amendment) Regulations 2005 (SI no 719 of 2005).

These regulations came into force on 1 December 2005. These requirements have been introduced to bring into focus the fact that it is the responsibility of a solicitors’ firm to secure and confirm compliance with the accounts regulations and that this responsibility cannot be passed on to the firm’s accountants.

In addition to a firm’s reporting accountant’s report being submitted to the Law Society, a Form of Acknowledgement must also be submitted. This is a statement by an authorised person in the solicitors’ firm itself that confirms compliance with the accounts regulations. The Form of Acknowledgement will form part of the annual reporting accountant’s report submitted to the society pursuant to the Solicitors’ Accounts Regulations 2001 to 2005.

This form is required in respect of accounting periods ending on or after 1 January 2006.

Contents of the Form of Acknowledgement

In the Form of Acknowledgment, the authorised solicitor confirms:

1. That he/she recognises the solicitor’s/partnership’s obligations under the Solicitors’ Accounts Regulations 2001 to 2005 to secure compliance with the regulations; and
2. That he/she is aware of the format and contents of the reporting accountant’s report, which he/she has discussed with the reporting accountant to the extent necessary to understand its effect upon the solicitor’s/ partnership’s discharge of obligations under the Solicitors’ Accounts Regulations 2001 to 2005.

Sole practitioner/compliance partner

In the case of a sole practitioner, or sole principal, the principal of the practice must sign the Form of Acknowledgment. In the case of a partnership, the members of the partnership are required to nominate a ‘compliance partner’ for completing and signing the Form of Acknowledgment on behalf of all the partners of the partnership.

The identity of the compliance partner must be notified to the society in writing by each partner of the practice when making their application to the society for a practising certificate. Any change in the identity of the compliance partner should be notified to the society within 14 days.

In the event of a new partnership being formed during a practice year, a solicitor who becomes a partner in the partnership must ensure the society is notified of the name of the partner who has been nominated as the compliance partner within 14 days.

In the event of a change in the compliance partner in the course of the practice year, the Form of Acknowledgment must be signed by both the outgoing compliance partner and the incoming compliance partner, specifying the period during the practice year that each was the compliance partner.