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City firms move to safeguard client accounts

Interim Practice Note Updated! The interim practice note issued by the Law Society has already been updated! The major change appears to be the advice in relation to undertakings and the removal, inter alia, of the sentence quoted by Frank Maher below. There is now a note from the President, Paul Marsh, stating, "Looking specifically at conveyancing, solicitors have a key role in the conveyancing process. Without solicitors, clients cannot move from house to house on the same day. This is our unique selling point in the market, and the Society's focus is on preserving this role. So while your liability for undertakings is of clear concern, it is important not to overreact, particularly in light of government statements of support for depositors. Solicitors may wish to review where they hold clients' money, but it would be disastrous to threaten the strength of our undertakings in conveyancing transactions, and so undermine our status as the lynchpin of the property market."

13-Oct-2008

2:03 pm