Solicitors Act 1974

33 Interest on clients’ money. E+W

[F1 (1) Rules under section 32 may require a solicitor to pay interest, or sums in lieu of and equivalent to interest, to a client, any other person or any trust, for whom the solicitor holds money.]

F1 (2) The cases in which a solicitor may be required by the rules to act as mentioned in subsection (1) may be defined, among other things, by reference to the amount of any sum received or the period for which it is or is likely to be retained or both; F2 ...

[F3 (3) Except as provided by the rules, a solicitor is not liable to account to any client, other person or trust for interest received by the solicitor on money held at a bank or building society in an account which is for money received or held for, or on account of—

(a) the solicitor's clients, other persons or trusts, generally, or

(b) that client, person or trust, separately.]

[F4 (4) Rules under section 32 may—

(a) prescribe the circumstances in which a solicitor may make arrangements to limit or exclude an obligation imposed on the solicitor by rules made by virtue of this section, and

(b) prescribe the requirements to be met by and in relation to those arrangements.]

Annotations:

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Amendments (Textual)

F1 S. 33(1) substituted (31.3.2009) by Legal Services Act 2007 (c. 29), ss. 177, 211, Sch. 16 para. 33(2) (with ss. 29, 192, 193); S.I. 2009/503, art. 2(b)(i)

F2 Words in s. 33(2) repealed (31.3.2009) by Legal Services Act 2007 (c. 29), ss. 177, 210, 211, Sch. 16 para. 33(3), Sch. 23 (with ss. 29, 192, 193); S.I. 2009/503, art. 2(b)(i)

F3 S. 33(3) substituted (31.3.2009) by Legal Services Act 2007 (c. 29), ss. 177, 211, Sch. 16 para. 33(4) (with ss. 29, 192, 193); S.I. 2009/503, art. 2(b)(i)

F4 S. 33(4) substituted (31.3.2009) by Legal Services Act 2007 (c. 29), ss. 177, 211, Sch. 16 para. 33(5) (with ss. 29, 192, 193); S.I. 2009/503, art. 2(b)(i)

Modifications etc. (not altering text)

C1 S. 33 extended (22.5.2000) by S.I. 2000/1119, regs. 1, 37(3), Sch. 4 para. 7(2) (as amended (1.7.2009) by The Legal Services Act 2007 (Registered European Lawyers) Order 2009 (S.I. 2009/1587), art. 3(7)(a))