Fees calculator helps firms to plan
27 June 2012
Solicitors and firms can get help with their budget planning for next year by using the fees calculator on the SRA website.
The practising fees have still to be ratified through the Law Society Council and the Legal Services Board, but the calculator can still give the regulated community an idea about what requirements there will be for next practising year. The SRA Board has already agreed to maintain the same fees structure as last year, and firms can get an indication about what they might be asked for in 2012/13 by going to the calculator page.
Go to the 2012/13 fees calculator
Mike Jeacock, SRA Executive Director, said: "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 exact levels still need ratification, the SRA's Board has approved the decision to maintain the same fee structure for next year, so the calculator can still be a useful guide.
“This year there is a rise in the Compensation Fund contribution due to expected higher levels of grant payments and a more cautious approach to the level of reserves held in the fund. Previous years contributions have been at a reduced level, partly due to the utilisation of reserves in the fund.”
When the SRA Board draws up the fees structure, it adheres to eight principles. These include being fair to payers, being stable, and taking account of ability to pay.
The structure should also be based on data that can be verified, and be as simple as possible so that the profession can easily calculate contributions. Next year's fees will be due to be paid in November.
A fundamental review of the fees structure is planned for next year for implementation in the 2014/15 year and the findings brought back to the board in due course. The SRA's funding requirement for 2012/13 will need to be approved by both the Law Society Council and the Legal Services Board.