The Gazette 1955-58

from ist January next, a practising solicitor will be under a statutory obligation to maintain and keep written up to date proper books of accounts, showing all monies received for clients and distinguishing; these monies from his own. The Council thought that it would be helpful to solicitors and accountants who audit solicitors' books to have a model book keeping system with an explanation in everyday non-technical language. Many solicitors already have systems of book-keeping which have been operated for a number of years. If any existing method complies with the essential requirements of the Accounts Regulations there will be no necessity to make any change but young solicitors starting in practice and others whose systems of book-keeping may be capable of improvement may find it advan tageous to study the model prepared by the Society's accountants. If as is expected the method outlined in the Society's booklet is adopted by a large number of members, the Society will probably place an order with a firm of printers for producing a large number of the sheets with the headngs and rulings suggested for sale to members of the Society. Many solicitors, nowadays, use loose leaf ledgers and cash books and it would -be quite a simple matter to produce the sheets in quantities for binding into existing folders. Retirement Benefits. It is hardly necessary to remind this audience that the professional man is not tne favourite child of the Welfare State—or at least the modified version of it which we have in this country. The self- employed professional man such as the barrister, solicitor, accountant or doctor, particularly the solicitor who has to maintain an office and pay an office staff, suffer acutely from the ever-rising price index, which affects both his personal cost of living and the cost of running an office. Furthermore, the high rate of income tax now prevailing, makes it impossible for any self-employed person to provide for old age or retirement. And in fact a glance around will show that solicitors have to die in harness and that there is no such thing as a solicitor in a position to enjoy a leisurely old age on the income from his accumulated savings. The Council were struck by the anomaly, which prevails between the position of employed workers, many of whom enjoy sheltered occupations and very favourable salaries and conditions with the position of the solicitor who is often in a comparatively un favourable financial position. There seems to be no adequate reason—as a measure of fiscal justice—why a self-employed man should receive less favourable treatment in the matter of taxation of contributions

Society. He was a good friend to our Society and to many of us. We will miss him very much. It is my duty as President at this half yearly meeting to review briefly the main activities of the Society and to render an interim report of my stewardship since I took office as President from my predecessor, Mr. O'Reilly. During Mr. O'Reilly's most successful year of office, he had steered through the Council, and the various Committees which considered them, all the necessary regulations under the Solicitors' Act, 1954. We are now settling down to the work of implementing these regulations and dealing with various queries which are bound to arise. We shall, no doubt, in the course of time, find tnat the regulations are not perfect and they may require amendment in one or other respect; however, we have not so far found any serious defects, and we hope that with the assistance of the Local Bar Associations, we shall be able to operate them moothly and effectively for the benefit both of the public and the profession. The Regulations which have been made by the Council so far deal with the following subjects :— Apprenticeship and. Education. Procedure on applications to the Disciplinary Committee. Procedure on applications for grants out of the Compensation Fund. The Solicitors' Accounts Regulations. The Professional Practice, Conduct and Discipline Regulations. Regulations dealing with the issue of Practising Certificates. The Professional Practice, Conduct and Discipline Regulations came into operation on ist October, 1955 and were printed in the Society's Gazette. They will be circulated to all our members. To the majority they mean little because they embody a code which has always been understood and acted upon by solicitors of standing, but they do enable the Society to take action where necessary to control and prevent abuses of practice which tend to bring discredit upon the profession. The Solicitors' Accounts Regulations will come into operation on ist January, 1957, and as both these and the Accounts Regulations are of vital interest to members, we have prepared and will very shortly send to every member of the profession a booklet containing the text of the Accounts an the Professional Practice Regulations with explana tory notes. The Council have also caused a model system of book-keeping to be prepared by a firm of accountants, setting out the principal books which are or should be kept by solicitors, with rulings of the columrs used, and instructions on the installation and operation of the system. As