The Solicitors Regulation Authority (SRA) expects legal professionals to take all the necessary steps to return unclaimed client funds. If the client can’t be found, solicitors need to justify any client funds that remain unclaimed by providing evidence to show they have tried to trace the client.
The Law Society recommends the use of a tracing agent as one of the steps you can take to locate missing clients. If your firm’s attempts to locate missing clients have been unsuccessful, we can use our many years of experience to attempt to trace them. Our Dormant Balance service includes:
Locating a current UK address
Identifying any forwarding addresses
Establishing if a client has died
If we can’t find a likely forwarding address or evidence of death, our report will indicate this, allowing you to make alternative arrangements in accordance with your firm’s own policies.
We can review any number of dormant accounts that you may have – from one to 10,000 or more. We have experience in dealing with all volumes. There are economies of scale so the price decreases as the volume increases.
We can work in most jurisdictions around the world. Recent examples include South Korea, Australia, the United States and Swaziland. Our Client Services Team are on hand to discuss a particular jurisdiction in more detail.
We never charge a percentage of the sum held on account. We believe that every client should receive the maximum amount possible. In many cases, we can arrange a fixed fee per missing client we search for.
We were approached by a solicitor who had unclaimed funds on account. They had written to the beneficiary at their stated address in the deceased’s Will multiple times, however, they had never received a response. We identified their current address, allowing our solicitor client to write to them. The missing client responded to the letter and claimed their funds and the solicitor was able to close their file.
These other services may come in handy if you’ve come across these complications when administering an estate.
Our dedicated team of experts are available Monday to Friday between 8am - 5.30pm to ensure a resolution is achieved smoothly and efficiently.
Offering our clients total transparency from the start and ensuring more money is left in the estate when it matters.
Our useful resources have been created to help you understand your options when complications arise in estate administration.