The Law Society has proposed a 9% reduction - amounting to £30 per solicitor - in the practising certificate fee for 2016/17.
The Society and Solicitors Regulation Authority today published a consultation proposing to set the individual rate at £290 per solicitor.
Both organisations have sought to bring down the costs of their work to the profession, with the Legal Services Board and Legal Ombudsman - also paid through PC fees - also expecting to reduce costs.
If adopted, the PC will have been reduced by 24% since 2014.
Catherine Dixon, Law Society chief executive, said: ‘Solicitors and firms pay annual fees toward the cost of regulation, discharging the profession’s public interest role, representing, promoting and supporting solicitors.
‘We are being clearer about our costs to the profession and what the PC fee pays for and we really want to hear from solicitors about our proposals.
‘Our work underpins a growing legal services sector currently worth £25.7bn annually to the economy.’
Dixon said the consultation gives a ‘clear breakdown’ of how funding is split between different organisations, as well as details of the different work each of them does.
Paul Philip, SRA chief executive, said: ‘Value for money, and transparency about how we use the profession’s money, is fundamental.
‘I am pleased to be able to say that we have reduced the cost of our work very significantly since 2014 and we are committed to further reduction.
‘This underpins our wider reform programme, reducing bureaucracy and costs and helping to address the affordability and accessibly of legal services for the public.’
The findings of the consultation will be presented to the Law Society Council at its 14 July meeting and shared with the Legal Services Board (LSB) along with the proposal for the PC fee. As the oversight regulator, the LSB considers and approves the fee.