Dealing with trust money—legal costs and unclaimed money
258 Dealing with trust money—legal costs and unclaimed money
A law practice may do any of the following in relation to trust money held in a general trust account or controlled money account of the practice for a person—
exercise a lien, including a general retaining lien, for the amount of legal costs reasonably due and owing by the person to the practice;
withdraw money for payment to the practice’s account for legal costs owing to the practice if the relevant procedures or requirements under this Act or prescribed under a regulation are complied with;
after deducting any legal costs properly owing to the practice, deal with the balance as unclaimed money under section 713.
Subsection (1) applies despite any other provision of this part but has effect subject to part 3.4.
This provision refers to the regulations (a regulation
). Made under this Act:
- Legal Profession Regulation 2017
- Legal Profession (Australian Solicitors Conduct Rules) Notice 2024
- Legal Profession (Barristers Rules) Notice 2025
1 more instrument made under this Act are listed on the Act’s overview.
This Act’s bill:Explanatory memorandum
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