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Any money received by solicitors on another person’s behalf is held under trust,[8] and must (with only the most limited exceptions) be deposited in a general trust account held separately from the solicitors’ office account.[9] The handling of any money in the trust account is then tightly regulated by statute, which effectively provides that the money ‘should only be paid out to the persons to whom [it] belonged, or as they directed’.[10] Significantly, this is money that the solicitors hold only as trustees for others — ‘clients’.[11] The solicitors themselves do not own the money beneficially, and it is not available for the firm’s use.[12] The credit balance of the trust account thus represents a corpus of mixed trust money held for different clients under different trusts, and the Acts directing its management therefore provide statutory exceptions to the normal equitable principle that money held under different trusts cannot be mingled in the one bank account.[13] If instructions to do so are given, the solicitors can place the client’s money in a savings account, separate from the trust and any other accounts, where it can earn that client interest.[14] In the Australian Capital Territory (ACT) and NSW and under the proposed Model Laws on a National Legal Profession, this is called ‘controlled money’.[15] The fact that trust account deposits are not, while in trust, a resource for the firm does not mean that they have no potential value for the solicitors.