Page 246 - IOM Law Society Rules Book

ADVOCATES ACCOUNTS RULES 2008

PART A – GENERAL

Rule 1 – Principles

The following principles must be observed. An advocate must:

(a) comply with the requirements of Rule 1 of the Advocates’ Practice Rules for
the time being in force as to the advocate’s integrity, the duty to act in the
client’s best interest, and the good repute of the advocate and the profession;

(b) keep other people’s money separate from money belonging to the advocate or
the practice;

(c) keep other people’s money safely in a bank or building society account
identifiable as a client account (except when the rules specifically provide
otherwise);

(d) use each client’s money for that client’s matters only;

(e) use controlled trust money for the purpose of that trust only;

(f) establish and maintain proper accounting systems, and proper internal controls
over those systems, to ensure compliance with the rules;

(g) keep proper accounting records to show accurately the position with regard to
the money held for each client and each controlled trust;

(h) account for interest on other people’s money in accordance with the rules;

(i) co-operate with the Society in checking compliance with the rules; and

(j) deliver annual accountant’s reports as required by the rules.

Rule 2 – Interpretation

(1) The rules are to be interpreted in the light of any available notes, which are to be taken
as binding for this purpose.

(2) In the rules, unless the context otherwise requires:

(a) “accounting period” has the meaning given in rule 36;

(b) “advocate” means a person who holds an advocate’s commission and is a
member of the Society and has not been suspended from practice; and for the
purposes of the rules also includes: an advocate’s partnership, a registered legal
practitioner practising as a director of a recognised body; a recognised body; a

Rule 2 – Interpretation page 3