The Law Firm notifies the client when the Law Firm receives any funds from the client. The Law Firm also provides clients with regular trust account statements which shows all bank transactions associated with that specific matter such as payment of a Tax Invoice.
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Primarily, to protect the clients’ funds by keeping these funds separate to the firms’ general funds, which are used on everyday expenses such as rent, wages, office supplies, etc.
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Law Firms are required to hold and manage client funds separate to the firms everyday operating funds, which is why client funds are held in a company Trust Account.
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Law Society of NSW
