Move your client funds
to the Legal Transaction
Sort Code
Moving from your firm’s own client account, or from a third party managed account (TPMA) provider? Enter your client account sort code and see the move step by step, under Rule 11 of the SRA Accounts Rules. Every matter gets its own numbered account on 04-10-26. No forms, no callbacks, and live matters are never touched.
Every matter gets its own unique account number
Your pathway to 04-10-26, the Legal Transaction Sort Code.
From day one
Firm onboarding and verification
Your firm is verified once. Signatories, roles and approval rules are set up to mirror how your accounts team already works, including maker and checker on every payment.
Typically 2 to 4 weeks
First matter runs in parallel
You open your next new matter on Kord while everything else stays exactly where it is. One matter, its own account on 04-10-26, full audit trail. Nothing about how you hold client funds today changes.
When you are ready
New matters default to Kord
Live matters are never re-papered. They close out naturally where they started, while new instructions open on Kord. Migration is a changeover of defaults, not a transfer of balances.
Ongoing
Steady state
Every matter has its own account with its own unique account number, every payment is screened, and your statement and audit trail are produced on demand.
Built on SRA Rule 11
Third party managed accounts are expressly permitted by Rule 11 of the SRA Accounts Rules 2019. Money in a Kord matter account is not your firm’s client money, because your firm never holds or receives it. Rule 11 leaves the firm three duties, and the platform is built around each one.
Your due diligence, pre-answered. The SRA definition requires a TPMA provider to be FCA regulated, and a small payment institution with safeguarding arrangements is one of the categories it names. Check us on the FCA register under FRN 929773 and keep the evidence on file.
Rule 11.1(a)
The account must not result in your firm holding client money.
Structural on Kord. Funds move between your client, the matter account and the payee. Nothing ever passes through your firm’s own bank account.
Rule 11.1(b)
Inform the client of the terms before accepting instructions.
The TPMA terms, who pays what, and the client’s termination and dispute rights are presented and recorded inside the matter conversation, before the matter proceeds. The record is on the file.
Rule 11.2
Obtain regular statements and check they reflect all transactions.
Statements are produced on demand, per matter and per period, with every movement on the audit trail. The check is a review, not a reconstruction.
Questions for your reporting accountant
When client funds sit in matter accounts on Kord instead of your own client account, parts of the accounts rules workload stop applying to that money. These are the questions to put to your reporting accountant.
What do our client account reconciliations cost us?
The five weekly reconciliation cycle exists because pooled client funds must be proved against the ledger. A matter account holds one matter’s money by construction, so there is nothing to reconcile apart.
What does our fair interest policy cost to run?
Calculating, applying and defending interest on general client account balances is COFA work that exists only because the money is pooled. Matter accounts remove the pooling.
Would we still need our annual accountant’s report?
Firms that hold no client money have a different reporting obligation. Whether and when that applies to your firm depends on your circumstances and the SRA’s rules. Your reporting accountant can price the difference.
What is the telegraphic transfer fee line doing to your quote conversion?
Most client quotes pass a bank transfer fee of around 35 pounds plus VAT to the client, on every transfer. On Kord, most client payments move by Faster Payments under your platform pricing, so that client-facing line becomes a choice. Take it off your quotes and win the comparison, or keep it and keep the margin.
What is specialist legal accounts software costing you?
Firms buy legal-specific accounts packages for one reason, the client account machinery. Client ledgers, compliant reconciliations, breach logs. Remove the holding and that layer loses its job. Matter statements and the audit trail come from Kord, and your business bookkeeping runs on ordinary accounting software.
Nothing here is regulatory advice, and one thing stays true throughout. If your firm keeps a client account for other matters, the full Accounts Rules, including reconciliations and the accountant’s report trigger, continue to apply to the client money you still hold. The savings above arrive matter by matter, and in full only when no client money is held at all. Confirm your firm’s position with your COFA and reporting accountant.
Your next matter can open on 04-10-26
First £1,000 of platform fees waived. Terms apply.