SRA to maintain fees structure
The SRA has indicated that there will be no changes to next year’s fees structure for solicitors.
The SRA Board, which met on 29 February agreed that the current structure for practising fees should be maintained – including in respect of the proportion of Compensation Fund contributions.
The Board was asked whether or not the Authority should consult on changing three issues that had been raised with the SRA.
- Keeping the 60/40 Firm/Individual split of Practising Fees;
- Keeping the 50/50 Firm/Individual split of Compensation Fund contributions;
- Maintaining the Maternity Leave discount on Practising Certificates.
The Board decided not go out for consultation on any of these matters in the next financial year.
Mike Jeacock, Chief Operating Officer, said:
“This is the second year running the Board has decided against changing the fees structure. This will allow firms to plan for next year’s budget.”
The setting of fees by the SRA is based on eight principles, which include being fair to payers, being stable, and taking account of ability to pay. They should also be based on data that can be verified, and 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 and the findings brought back to the Board in due course.