Law Society to crack down on late annual filings
The professional body for solicitors has indicated it is adopting a more strict approach in dealing with any member who fails to file their accounts on time.
Law Society solicitor Mary Fenelon told a hearing of the Solicitors’ Disciplinary Tribunal in Dublin yesterday that the duty of solicitors to file annual accountant’s reports was an important part of the profession’s regulatory system.
“The filing of these reports provides an early warning system for the [Law] Society,” said Ms Fenelon.
Practising lawyers are obliged to file annual reports on their accounts to the Law Society within six months of the end of each year.
Ms Fenelon pointed out that the non-filing of reports within the official deadline could provide a useful alert that something may be wrong within a legal practice. “There normally is something wrong,” she added.
According to the Law Society, only 2% of its 7,400-strong membership fail to file such reports on time.
Ms Fenelon said solicitors worked in one of the few professions that had the privilege of having control over clients’ money.
Ms Fenelon also noted that the Law Society had adopted a more strict regime “for very good reasons”.
The tougher stance being adopted by the regulatory body for solicitors is likely to be viewed as a reaction by the Law Society to criticisms that self-regulation has failed to adequately police the profession.
The Law Society itself has no power to strike off solicitors. However, it can take cases against its members as well a refer complaints from clients to the Solicitors Disciplinary Tribunal — an independent statutory body appointed by the president of the High Court to consider complaints of misconduct against solicitors.
