The Value of Complying with the Law Society of Upper Canada By-Laws

The most apparent benefit of adhering to the Law Society of Upper Canada (LSUC) bookkeeping By-Laws is the prevention of incompliance penalties. However, because a great deal of these By-Laws focus on keeping a “clean” set of books, a substantial value is that maintaining compliance also facilitates the efficient management of the licensee’s practice in addition to providing a clear window for assessing the firm’s business. Of all fifteen (15) LSUC By-Laws, By-Law 9 “Financial Transactions and Records” which speaks to the requirement to maintain financial records clearly demonstrates these benefits the most. Trust Funds For instance, Part IV of By-Law 9 refers to money received in trust from

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