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Rule 14.10 Lawyers Conduct and Client Care Rules enables a law firm to hold in an escrow account moneys in advance of fees for work to be carried out by a barrister for a client with no instructing solicitor.
The rule provides that the moneys must be held and dealt with in accordance with terms prescribed by the Law Society. The Law Society has adopted a prescribed form of escrow agreement for use by barristers and escrow agents.
Set out below are various matters which are relevant for a law firm (‘firm’) which provides an escrow service: