Solicitors with client accounts at the First National Building Society are to be given advice by the Law Society next week on what to do with any windfalls that come their way if the proposed flotation goes ahead this autumn.

The Law Society initially defended the solicitor's right to keep any such windfall, but later suggested that where possible, any financial gain or free shares received by them should be distributed among their clients.

By law, the solicitor is the legal owner of any accounts which contain clients' funds. In many cases, the clients are minors, and people with physical and mental disabilities, with the solicitor holding their money in trust for them. Building society legislation doesn't recognise the beneficiaries of these accounts, so the right to vote on the conversion at the society's a.g.m. on Monday, and the entitlement to any free shares goes to the solicitor.

When this was pointed out to the Law Society, its director-general, Mr Ken Murphy, said it would be "impossible" and "impractical" for solicitors to distribute any such gains to their clients. He accepted though that where a client had specifically requested a solicitor to open an account at FNBS, they "might have a strong case" to claim them.

On more mature reflection, he later suggested that where possible, the solicitors should of course pass on the benefits of the flotation to their clients.

The Law Society continued to stress the scale of the difficulties this would involve though. In many cases these accounts can contain funds for up to 100 clients at any one time, some of which are held for as little as two weeks, while more are left on deposit for many years.

But solicitors somehow seem to manage to be able to identify each of these clients when charging fees, and presumably paying any interest accrued on their funds. Can the distribution of free shares be much more difficult?