Practising fee levels approved for 2014/15
Charges reduce as regulator considers fundamental review of the fees structure
The Legal Services Board (LSB) has approved the regulatory funding requirements for 2014/15, which include practising fee levels.
The coming year's individual fees have been set at £320, down £64 from £384 last year. A 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.
The Solicitors Regulation Authority (SRA) Board agreed in January that the structure for setting practising fees in 2014/15 should remain unchanged for the third successive year.
That decision maintains a 60/40 split between firm and individual practising fees, a 50/50 split between firm and individual contributions towards the Compensation Fund, and the continuation of a maternity leave discount on practising certificates
The SRA are in the process of reviewing the fees structure, with the aim of implementing changes during the 2016/17 period.
SRA chief executive, Paul Philip, said: "Now that the level of fees and Compensation Fund contributions have been confirmed, firms can use the Fees Calculator to plan ahead for next year's budget. 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.
Philip continued: "As the vast majority of our budget is met through practising fees, it is important that we are open about our budget requirements."
Philip has requested that any comments on practising fees can be emailed to policy@sra.org.uk Solicitors and firms can get help with their budget planning for next year by using the Fees Calculator on the SRA website.