Solicitors are expected to pay an extra £13.5m to be represented and regulated next year, the SRA has confirmed.

Based on at least 170,000 individuals renewing their practising certificates, solicitors will pay fees of £307 in 2023/24 compared to £286 in the current year, according to papers released by the regulator today.

SRA Cube

The SRA board is expected to vote through budget increases at its meeting next week

The SRA’s cut of the individual PC fee is expected to be £162, representing an increase of 7% and 53% of the total paid by each solicitor. The Law Society has yet to confirm what exact proportion of the PC fee will go to representative functions.

A Society spokesperson said: 'The Law Society’s Council, in its assurance role, formally received the SRA Report and Accounts on 4 July. Alongside the SRA, we will make a formal application to LSB later in July which will propose a budget for 23/24 aligned to a 7% uplift within the 12% increase the SRA wants in the overall collection from the profession.'

The SRA consulted earlier this year on securing income of £67.6m from practising fees in 2023/24 and following this process there are no proposed changes to this figure.

The SRA board will be asked to approve practising fees for 2023-24 at its meeting on 18 July.

As of May 2023, there were almost 167,500 practising solicitors and registered foreign lawyers. Numbers of practising solicitors in England and Wales typically increase year on year and this is expected to continue.

Discounts are offered to some individuals, including for people on parental leave. Others joining the profession part-way during the year may be offered a reduced fee. With those discounts, the SRA estimates that the equivalent of around 167,000 full practising fees will be paid in the practising year, which will equate to an individual practising certificate fee of £307.

 

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