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Trust money fundamentals - know your obligations - On-demand

Course ID ID20017_PSK1

  • Online
  • 1
  • Foundation
  • 1 CPD POINTS

This on-demand material was recorded on 24 September 2020

The knowledge of basic bookkeeping is important for every Australian lawyer. For lawyers, whether as principals or employees, this knowledge assists in the effective and proper conduct of matters, including the preparation of bills of costs and trust account statements. 

Moreover, every lawyer who contemplates entering into practice as a principal, whether as a sole practitioner, partner or director of an incorporated legal practice, must accept the fact that carrying on a practice involves the carrying on of a business. 

In this on-demand recording, join Frances Moffitt in this one-hour fundamental guide where you will learn about: 

  • What is trust money and the different types
  • Where should trust money be paid
  • What law practices must do 
  • Dispersing funds without authority 
  • Mixing trust monies with other monies
  • Receiving trust money in cash
  • Deficiency in trust accounts
  • Responsibilities of principals
  • Liability of principals 

At the end of this on-demand course, you may claim 1 CPD point. Please consult the CPD rules for your state to ascertain how many CPD points you can claim for private study of audio/visual material during the CPD year.  

Due to new reporting requirements introduced by the Legal Practice Board of Western Australia on 1 April 2021, practitioners holding WA practising certificates are not currently eligible to claim CPD points for this product.

Price

Full Price $99.00

Alumni/Member Price $89.10

Dates

Start date:

01 October 2020

End date:

30 June 2021

Presenter biography

Frances Moffitt  Frances Moffitt Solciitor, Law Society of NSW and Adjunct Lecturer, the College of Law

Frances Moffitt is a solicitor in the Professional Standards Department at the Law Society of NSW and adjunct lecturer at the College of Law. Fran’s professional experience includes insolvency and bankruptcy law; criminal law (proceeds of crime), administrative law; taxation law; and statutory investigations

 

Designed For

This on-demand was produced in NSW and features a NSW-based practitioner. This on-demand is available to practitioners from all Australian jurisdictions.

 

Claiming CPD units

If you intend to claim CPD units for this educational activity, please note that CPD activities are not accredited by the Law Society of NSW or any other equivalent local authority. If this educational activity extends your knowledge and skills in areas that are relevant to your practice needs or professional development, then you should claim one (1) "unit” for each hour of attendance, refreshment breaks not included. The annual requirement is ten (10) CPD units each year from 1 April to 31 March. Some practitioners, such as accredited specialists are required to complete more than ten (10) units each CPD year.

 

Mandatories covered

This program covers the mandatory requirement of practice management and business skills and/or professional skills.