The Solicitors Regulation Authority has announced that the Compensation Fund levy for firms will be increased to £1,680 for 2018/19. This is a huge increase from £778 this year.
As a micro firm this will be an unfair and grossly disproportionate overhead for my practice. There appears to have been no impact assessment carried out on the discriminatory and financial effect of such a huge levy on small firms with low profits (including solicitors with care commitments working from home).
I have to question what the Compensation Fund did with the money raised from last year’s levy – has it been spent already?
Stanley Jacobs, 40 Oakdene Park, London N3