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SRA fees calculator goes online

Solicitors and firms can get help with their budget planning for next year by using the fees calculator on the SRA website.

The regulatory funding requirements for 2013/14, including practising fee levels, were set by the Law Society Council on 11 July. Although approval has yet to be given by the Legal Services Board, the calculator can still give the regulated community an idea about what their likely fee levels will be for 2013/14.

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.

In January, the SRA Board agreed that the structure for setting practising fees in 2013/14 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

Richard Collins, SRA Executive Director, said: “As a significant proportion of the SRA’s budget is met through practising fees paid by those we regulate, it is important that we are transparent about our budget requirements. Earlier this month, the SRA’s Chair, Charles Plant wrote to all firms to outline our budget position. For 2013/14, some 46% of practising fee income will be used to fund the SRA.

"Firms will already be planning ahead for next year's budget and the fees calculator should be able to play a part in this. While the fees remain subject to approval by the LSB, the SRA Board’s decision to maintain the same fee structure for next year, means the calculator can still be a useful guide.

“When the SRA Board draws up the fees structure, it adheres to principles that include being fair to payers, being stable, and taking account of ability to pay.”

The structure is also be based on data that can be verified, and is as simple as possible so that the profession can easily calculate contributions. A fundamental review of the fees structure is under way, with the aim of implementing some changes in the 2014/15 year.

Go to the Fees Calculator

Download Charles Plant's letter to firms

 
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