Law Business Essentials

After becoming a Responsible Lawyer, you must maintain at least one general account and if you are approved to operate a trust account, you may maintain at least one pooled trust account (Rules of the Law Society of Alberta, Rule 119.15 and 119.17 (2)). 

The Responsible Lawyer is accountable for:

• the controls in relation to and the operation of all law firm trust accounts and general accounts;
• ensuring compliance with Part 5 of the Rules;
• documenting evidence of review and oversight of the actions taken to ensure compliance with Part 5 of the Rules;
• the accuracy of all reporting and filing requirements of the law firm;
• ensuring all reporting and filing requirements of the law firm are met; and
• ensuring all payment requirements of the law firm, related to Part 5 of the Rules, are met. 

The Responsible Lawyer is also accountable for the accuracy and timeliness of all reports and filings and for the monthly trust and general bank reconciliations. 

While each firm will have one Responsible Lawyer, all lawyers must understand the trust accounting rules (Part 5 of the Rules).  A Responsible Lawyer can be liable for trust account losses caused by any employee or member of the firm.