Trust ledger account in name of law practice or legal practitioner associate
49 Trust ledger account in name of law practice or legal practitioner associate
A law practice must not keep a trust ledger account in the name of the practice or a legal practitioner associate of the practice except as authorised by this section.
A law practice may keep in its trust ledger—
a trust ledger account in the practice’s name, but only for the purpose of aggregating in the account, by transfer from other accounts in the trust ledger, money properly due to the practice for legal costs; and
a trust ledger account in a legal practitioner associate’s name, but only in relation to money in which the associate has a personal and beneficial interest as a vendor, purchaser, lessor or lessee or in another similar capacity.
In a case to which subsection (2) (a) applies, the law practice must ensure that the money in the trust ledger account is withdrawn from the general trust account not later than 1 month after the day on which the money was transferred to the trust ledger account.
In a case to which subsection (2) (b) applies, the law practice must ensure that the money in the trust ledger account is withdrawn from the general trust account at the conclusion of the matter to which the money relates.
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