The 2012/13 fees framework for the SRA has been confirmed by the Law Society Council and Legal Services Board. It will maintain the same fee structure as last year.
Solicitors are encouraged to use the fees calculator on the SRA website in order to work out how much to budget.
Mike Jeacock, SRA Executive Director said: "This year there is a rise in the Compensation Fund contribution due to expected higher levels of grant payments and a more cautious approach to the level of reserves held in the fund.
“Previous years’ contributions have been at a reduced level, partly due to the utilisation of reserves in the fund.”
The SRA sets the fees structure according to several key principles including; being fair to payers, being stable, and taking account of ability to pay.
It is also designed to be easy to administrate and verify.
The SRA has written to firms and individuals asking them to validate the turnover figure that they have previously submitted to the SRA.
This figure will be used to determine the 2012 regulatory fee of sole practitioners or annual periodic fee for firms that are authorised bodies. There is detailed guidance on the SRA website here
The fees for next year are due to be paid in November 2012 when the PC renewals exercise is expected to commence.
A fundamental review of the fees structure is to be undertaken by the SRA during 2013. Any changes will be implemented in 2014/15.