About Risk & Compliance Topics we cover Our experts Our Top Sources News Practice Notes Precedents Q&As Featured Glossary

About Risk & Compliance

Lexis+ Risk & Compliance is an online practical guidance product for in-house legal and compliance teams dealing with the ever-increasing and ever-shifting burden of risk and compliance.

Risk management guides

Each guide identifies five key priorities for the area of risk, and gives a heads-up on why each is a priority area. The priority is explained in further detail, with a series of mini-checklists and action points.

Competition & antitrust law compliance

Having a clear understanding of the nature of competition law compliance and the associated risks/challenges for businesses is the first step to setting effective compliance arrangements. We help organisations with this.

GDPR compliance

Practical guidance tools, registers, training aids and other templates to help you comply with data protection law and manage privacy risks

Regulation

Helping in-house counsel, privacy and compliance professionals manage the regulatory burden. GDPR, BA, MLR and plenty more, we've got it covered.

Our Top Sources

GET A TRIAL

Associated legal terms

Governing Law

/ˈɡʌv(ə)nɪŋ/ /lɔː/

Governing law is the law stipulated in a contract to determine a dispute. Where there is no valid governing law clause, the law to be applied, the applicable law, will be determined in accordance with the relevant regulation, convention, legislation or common law rules.

Residual balance

Firms will often hold money on behalf of clients and, usually, client money will be used in the process of carrying out the matter or returned to the client. However, this is not always the case and sometimes there will be money left over in circumstances where the client has become untraceable or where it has not been possible to return the money to the client. This is a residual balance. Residual balances can arise for a number of reasons, including: • balances inherited on a merger with another firm • client (in)action, eg cheques that have been sent to the rightful owner but never cashed by them, clients who will not provide instructions on how to deal with the balance, clients who have died where the executors or family are unknown and clients who have simply disappeared and cannot be traced • retention money that has remained unclaimed • post-transaction credits—historically some practice management systems permitted the accounts team to reopen an archived file, post credits and cheques not presented and then close it again—this may then not be reported on and even if it is, it can be difficult to engage your fee earners if balances were at zero when they last had physical custody of the file • poor housekeeping, eg untidy bookkeeping, inefficient accounting systems, or incorrect application of disbursements

Showing

The playing or showing of the work in public is an act restricted by the copyright in a sound recording, film or broadcast.
Discover our Risk & Compliance legal terms
VIEW Glossary

Try it for free for 7 days

No Credit Card Required

No Downloads Necessary

**Trials are provided to all LexisNexis content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisNexis services please email customer service via our online form. Free trials are only available to individuals based in the UK, Ireland and selected UK overseas territories and Caribbean countries. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.