The Legal Services Board (LSB) has approved the regulatory funding requirements for 2014/15, including practising fee levels.
The coming year’s individual fees have been set at £320, down £64 from £384 for 2013/14, while firm’s practising fees are dependent on turnover.
The Compensation Fund contribution, paid by those that hold client money, will reduce from £56 to £32 for individuals, and from £836 to £548 for firms.
Practising fees are set at a level necessary to meet the total funding requirement set by the Law Society Council and are used to fund the SRA, pay statutory levies to the Legal Services Board, Legal Ombudsman and the Solicitors Disciplinary Tribunal, and fund representation by the Law Society that meets ‘permitted purposes’ criteria in the Legal Services Act.
Solicitors and firms can get help with their budget planning for next year by using the Fees Calculator on the SRA website.
SRA Chief Executive, Paul Philip said: “We have worked hard to deliver efficiencies in a bid to reduce the amount needed to regulate solicitors and their firms, and we are committed to finding further opportunities to deliver improved value for money in the coming years.
“As the vast majority of our budget is met through practising fees, it is important that we are open about our budget requirements.”
In January, the SRA Board agreed that the structure for setting practising fees in 2014/15 should remain unchanged for the third successive year and is set out as:
- A 60/40 Firm/Individual split of Practising Fees
- A 50/50 Firm/Individual split of Compensation Fund contributions
- Maintaining the Maternity Leave discount on Practising Certificates
A fundamental review of the fees structure is under way, with the aim of implementing some changes in the 2016/17 year.
Acces the Fees Calculator and information on this year’s fee determinations here: http://www.sra.org.uk/mysra/fees/fee-policy-2014-2015.page
Email any comments on practising fees to: policy@sra.org.uk."
