David Barnes, former Chairman of the IBC and Chief Executive of 39 Essex Street, offers a clerk’s view of BARCO.
Under rules rC73, rC74 and rC75 of the new Bar Handbook, formerly known as rule 407 of the old Code of Conduct, the handling of client money is strictly prohibited for any barrister practising in England and Wales. But what does this mean to practitioners and their clerks in everyday terms? Well, simply put, whilst there are some exceptions, if the client has any rights to have any funds refunded which have been unspent, then you are handling client money. Avoiding this pitfall can be cumbersome and sometimes lead to you taking adverse credit risk or, even worse, losing new business, something none of us can afford in this climate.