LawSoc cuts practising certificate fees by 23%
The Law Society has cut the cost of practising certificate fees for solicitors and law firms by 23%.The decision, approved yesterday (14 July) by the Law Society Council, means the cost of individual practising certificates will drop from £428 to £328, with the fees paid by firms falling by an equivalent percentage.
July 15, 2011 at 08:10 AM
2 minute read
The Law Society has cut the cost of practising certificate fees for solicitors and law firms by 23%.
The decision, approved yesterday (14 July) by the Law Society Council, means the cost of individual practising certificates will drop from £428 to £328, with the fees paid by firms falling by an equivalent percentage.
The reduction in fees reflects the Law Society's reduced funding needs, with the body requiring £94.8m in funding for 2012, compared with £121.7m this year.
The Society reported last month that it had a budget surplus of £56.9m for the 2010 financial year, which it attributed to higher than expected collections from the first year of its 'Fairer Fees' scheme, which saw the introduction a firm-based practising certificate (PC) fee, based on turnover, in addition to the individual fee.
Meanwhile, the Law Society Council has also approved the SRA's recommendation to raise contributions to the compensation fund in 2011-12 by £13.5m. Individual compensation fund contributions will be £60 in 2012, while firms will pay £770.
Law Society chief executive Desmond Hudson commented: "The closure of our defined benefit pension scheme, together with the benefits of the investments made over the last few years in systems and a major cost reduction and efficiency programme, has enabled the Society to make a significant reduction in the PC fee for next year.
"It is our intention to continue to contain the costs of the Law Society in the coming years."
Practising fees are used to meet the cost of regulation, the society's work and the levies it has to pay towards the costs of the Legal Services Board, the Legal Ombudsmen and the Solicitors Disciplinary Tribunal.
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