Canadian Lawyer

Regional wrap-up Central BARREAU LOOKING AT NEW WAYS TO MONITOR TRUST ACCOUNTS H ow lawyers' trust accounts are regulated and monitored in Quebec could undergo a dra- matic change within the next year or two. The Barreau du Québec is in the middle of a rethink about the question THE SEARCH IS ON FOR CANADA'S MOST INNOVATIVE IN-HOUSE COUNSEL The 2014 Innovatio Awards is the pre-eminent award program recognizing innovation by members of the in-house bar within the Canadian legal market. These awards celebrate in-house counsel, both individuals and teams, who have found ways to show leadership by becoming more efficient, innovative, and creative in meeting the needs of their organizations. The Innovatio awards program draws on a panel of in-house counsel judges to determine the winners, based on a range of criteria. NOMINATIONS CLOSE NOVEMBER 29, 2013 To nominate in the categories listed below visit canadianlawyermag.com/innovatio-awards.html CANADIAN LAWYER INHOUSE INNOVATIO AWARD CATEGORIES: • • • • • Law department management Diversity Best practices in compliance systems In-house M&A/Dealmakers Working with external counsel • Litigation management • Risk management • Up-and-comer For more information please contact Jennifer Brown email: jen.brown@thomsonreuters.com • phone: 416-649-8867 8 2013 October Innovatio_CL_Oct_13.indd 1 www.CANADIAN L a w ye r m a g . c o m and in the next few months will launch a pilot test for a new system, says bâtonnière Johanne Brodeur. The goal is to have better controls in place to prevent potential fraudulent activity and thereby more efficiently safeguard the public interest. Brodeur says change is needed not only because of more reports of fraud of all kinds but the number of lawyers and lawyers' trust accounts is increasing and there are more transactions and larger amounts of money involved. In the past year, the barreau, which oversees 24,000 lawyers in the province, has expanded its professional inspection program as one immediate measure to ensure compliance and boost prevention efforts. Under that program, any of the close to 1,000 spot checks each year that raises a red flag leads to a close review by accounting specialists familiar with the financial workings of law firms and trust accounts. Now the barreau is seeking a longer-term solution that will result in heightened accountability and transparency and lead to easier analysis and better risk management, says Brodeur. The organization is looking to Alberta, France, and inside Quebec itself for inspiration on how things could be done differently. The Law Society of Alberta changed its rules and formally launched a trust safety initiative in late 2010 to ensure funds held by its lawyers remain safe from fraudulent schemes and any losses due to weak internal accounting systems. Lawyers there now have their accounting validated and certified by a chartered accountant and transmit information in real time after choosing one of several specially designed software programs accredited by the regulatory. The Chambre des notaires du Québec, which oversees Quebec notaries, also has a real-time technology platform in place to oversee accounts in trust, says 13-09-17 10:32 AM

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