SRA outlines new plans for 2025

The Solicitors Regulation Authority (SRA) is embarking on a comprehensive consultation regarding its 2025/26 Business Plan, which aims to address the escalating challenges faced by the legal sector. This plan marks the final year (November 2025 – October 2026) of the SRA’s current Corporate Strategy, a period characterised by rapid changes in the operating landscape due to various factors. Among these, the SRA has noted a significant and consistent rise in the reporting of solicitor misconduct, leading to a corresponding increase in investigations.

The SRA has been averaging 40 per cent more investigations each month, a development that has increased the complexity and size of the cases it undertakes, including a notable rise in large firm failures. Concerns regarding risks to consumers, particularly in the busy claims market, have also surged amid persistent inflationary pressures and escalating operational costs, notably increases in National Insurance.

In light of these pressures, the SRA aims to invest further in its regulatory capabilities to ensure continued effectiveness and public safety. Chief Executive Paul Philip stated, "Legal services are fundamental to how we live, work and do business – and they can only function properly if the public has confidence in them." He noted the need for rapid adaptation to the changes in the legal environment, emphasising the urgent requirement for enhanced resources.

To bolster its expanding agenda, the SRA has proposed an overall budget increase of £16.3 million, bringing the total to £86.5 million. The fee for individual practising certificates would rise from £164 to £190, although contributions to the Compensation Fund would decrease, reflecting a broader strategy to balance financial needs while ensuring robust client protections.

Philip reaffirmed the SRA’s commitment to efficient governance, stating, "We’re mindful of the pressures on the profession... the scale of new challenges means we need extra resource to continue protecting the public effectively and proportionately."

The long-term objectives of the Corporate Strategy are centered on maintaining high professional standards and fostering legal innovation, whilst satisfying the needs of consumers navigating the complexities of legal services. The current consultation remains open until Thursday 19 June, with more details available on the SRA's website, encouraging engagement from all stakeholders in the legal community.