News release

Fee levels approved for 2014/15

The Legal Services Board (LSB) has approved the regulatory funding requirements for 2014/15, including practising fee levels.

Practising fees are set at a level necessary to meet the total funding requirement set by the Law Society Council. The fees are used to fund the SRA, to pay statutory levies to the Legal Services Board, 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.

The coming year's individual fees have been set at £320, down £64 from £384 for 2013/14. Firm's practising fees are dependent on turnover.

The Compensation Fund contribution will reduce from £56 to £32 for individuals, and from £836 to £548 for firms. Solicitors and firms can get help with their budget planning for next year by using the Fees Calculator on the SRA website.

Paul Philip, SRA Chief Executive, 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.

“As the vast majority of our budget is met through practising fees, it is important that we are open about our budget requirements. If anyone has any comments on practising fees, please email them to policy@sra.org.uk."

In January, the SRA Board agreed that the structure for setting practising fees in 2014/15 should remain unchanged for the third successive year:

  • 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.

For the Fees Calculator and other information on this year's fee determinations, visit Fees Policy 2014/15

 
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