The Law Society’s objective is to protect clients’ monies in the interest of the public generally and to protect the profession, who must make up deficits through the Law Society’s Compensation Fund. The Regulation of Practice Committee administers the Compensation Fund, maintained in order to compensate clients for losses due to dishonesty by solicitors or their employees.

The Committee also regulates the profession’s compliance with the Solicitors Acts 1954-2015 and regulations made thereunder including the Solicitors Accounts Regulations 2023, Solicitors (Money Laundering & Terrorist Financing) Regulations 2020 and provisions of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (as amended). The committee also deals with a number of ancillary regulatory requirements under the Solicitors Acts 1954-2015 not assigned to other regulatory committees.

In order to maintain compliance with the financial regulatory regime, every solicitors’ practice which handles clients’ funds must file an accountant’s report with the Law Society within six months after their accounting date. In addition, the Law Society conducts investigations of each solicitors’ practice to monitor compliance with the Solicitors Accounts Regulations and anti-money laundering obligations.