A Solicitors’ Trust Account is a bank account operated by a solicitor (or a solcitor firm) that is registered with the relevant state law society. It is used to hold funds which are entrusted to the solicitor for short periods of time. This is usually immediately prior to being deployed, for example in a Mortgage Advance. These accounts are subject to random audits and are inspected annually for compliance with the accounting rules of the relevant state Legal Profession Act. In the case of defalcation (theft) from the account the client is entitled to compensation from the relevant solicitors fidelity fund. A solicitor’s fidelity fund is a sinking fund operated by Australian law societies to compensate victims of solicitor defalcation.