As anticipated, the SRA has published a consultation this week on whether the entities it regulates should be allowed to use a third party escrow account instead of being required to hold client money in their own client account. This liberalisation makes sense for a lot of reasons some of which I explore in an article I have just written for the Law Society's Legal Compliance Bulletin. Some of these are summarised below. It is easy to foresee that in a few years a substantial number of firms will no longer hold client money. It's the right thing to do, but I can't help but feel that we will also lose an element of what makes solicitors distinctive.