Insolvency & Restructuring

Pursuant to our Retainer: 

1. a Retainer Amount is to be paid and held in our Trust Account for the duration of your matter on account of our costs and disbursements,  
2. our Tax Invoices are to paid within seven (7) days of your receipt, and 
3. the Retainer Amount is accounted for against your final Tax Invoice or upon completion of work. 

Under this model, if a Tax Invoice is not paid within seven (7) days we may: 

1. apply all or part of the Retainer Amount towards payment of the Tax Invoice, with your authority or in accordance with Regulation 42 of the Legal Profession Uniform Law General Rules, and 
2. require that the Retainer Amount be reinstated in full before providing any further legal services.  

Money held in respect of a Retainer is Trust Money. Trust Money and Trust Accounts are regulated by the Legal Profession Uniform Law (NSW) and the Legal Profession Uniform General Rules 2015 (“the Legal Profession Uniform Laws”).  

“Retainer” Money is term used by our firm to help clients more easily understand the nature and purpose for which we require payment of money to our Trust Account in most instances. That is, to serve as a retainer that ensures payment of our fees and disbursements for the ongoing provision of professional legal services.  

The Retainer Amount is generally based on the estimated costs and disbursements of work to be undertaken in any calendar month. We may vary the Retainer Amount from time to time having regard to the estimated costs and disbursements of upcoming work.  

In addition to the Retainer Amount, we may request that you pay other amounts to our Trust Account on account of costs and disbursements from time to time, for example, Barrister’s fees, Expert Witness fees, Mediation fees, Court filing fees etc. 

The initial Retainer Amount is payable upon you entering into a Legal Services Agreement with us. If we increase the Retainer Amount or ask for other money to be paid to our Trust Account, you are required to pay the amount requested within seven (7) days. 

We may suspend work in relation to your matter and/or terminate our Legal Services Agreement if: 

1. you do not pay our Tax Invoices within seven (7) days, 
2. we apply any Retainer Money towards payment of a Tax Invoice and you do not reinstate the Retainer Amount in full, or 
3. if you do not pay any increased Retainer Amount or Other Trust Money within seven (7) days of a written request. 

A Trust Account is a bank account in which we hold Trust Money on your behalf. Most law firms use a Trust Account to manage the payment of legal costs, and to receive and hold Trust Money on behalf of clients.  

Our Trust Account is an account with ANZ Bank. We must deposit Trust Money we receive to this account and give you a receipt for your deposit as soon as practicable. The amount that you have paid into our Trust Account is then recorded against your name and your file number. We are required to give you a Trust Account Statement at certain intervals and on your request.  

The Legal Profession Uniform Laws governs when we can withdraw your money from our Trust Account. Generally, we can only withdraw the money:  

• in accordance with an authority or direction from you, 
• at the end of seven (7) business days after we have given you a Tax Invoice referring to the proposed withdrawal of Trust Money (unless you have objected to the withdrawal and taken 1 of the steps set out in Regulation 42(3) within 30 days),  
• to reimburse us when we have made a payment on your behalf and we have given you notice of the proposed withdrawal and reimbursement.  

You will be notified of any withdrawals that we make from your Trust Account and they must be clearly recorded against your file. Our Trust Account (and all general trust accounts) are not interest-bearing accounts and large sums should therefore not be left deposited for extended periods.  

Your money remains on deposit in our Trust Account. The relevant Rules prevent us from holding money in our Trust Account over an extended period. Therefore, we will refund any amount held in excess of the Retainer Amount to you on your request and the balance at the end of your matter.  

The NSW Law Society’s Trust Account Department has the responsibility for examining records maintained by law practices to ensure they properly account for the Trust Money received and which is held on behalf of another person.  This firm has been randomly audited on a number of occasions by the Trust Account Department of the Law Society and has an exemplary history of Trust Account compliance.  

Each year, an independent auditor is appointed to inspect our Trust accounting records. We must present our Trust ledgers for the applicable period and provide documentary evidence of any transactions that the auditor selects for investigation.

Regardless of the amount of time funds have been held in our Trust Account, and provided that reasonable efforts have been made to locate the owner of Trust Money, unclaimed Trust Money may be surrendered to Revenue NSW in accordance with the Legal Profession Uniform Law Application Act 2014. Should the owner then require the return of the funds, they will need to lodge a request directly with Revenue NSW.