The Solicitors Regulation Authority (SRA) have submitted proposals for lowering mandatory practising fees to the Legal Services Board (LSB).
The current fee for an individual is £320, however for the 2016/17 practising year the fee will be £290 with LSB approval.
The SRA say practising fees are used to pay statutory levies to the LSB, Legal Ombudsman and the Solicitors Disciplinary Tribunal, and to fund representation by the Law Society that meets the ‘permitted purposes’ criteria in the Legal Services Act.
Compensation Fund contributions have also been set, and remain at £32 for individuals and £548 for firms.
SRA Chief Executive Paul Philip said: “I am pleased that practising fees will be reduced this year. We have reduced our operating costs year-on-year since 2014/15 and we are committed to pressing down further on costs, saving firms and solicitors money.
“I would encourage firms to use our fees calculator to help with future budget planning.”