LSB gives green light to modest practising certificate increase
The Legal Services Board (LSB) has today approved a modest increase to the practising certificate fee (PC fee) for individual solicitors of £20 for 2022-2023.
The majority of the income generated by the PC fee is used to fund the SRA, with the remainder split between other organisations, including the Law Society of England and Wales*. In 2020 the Law Society reduced the amount it received from practising certificate fees, and this was frozen for 2021.
Law Society president I. Stephanie Boyce said: “We acknowledge the LSB’s sensible decision for a small increase in the PC fee, which will underpin support for the profession and enable the Law Society to serve solicitors in England and Wales better.
“We understand the economic environment businesses and individuals are facing with rising inflation and the cost-of-living crisis, and our request for a 15% increase for the Law Society’s work was based on a thorough investigation about what our members want.
“Our largest ever member consultation revealed 67% of respondents supported the Law Society’s proposal to increase the amount we receive from the practising fee in 2022-23.
“The income we receive from the PC fee determines what we can do to support the profession and wider society.
“We have ambitious plans to deliver more of what our members have told us is important to them.
“This includes supporting professional excellence through events, e-learning, career development, practice guidance, free helplines, library enquiries and newsletters on a range of practices and topics. We will support our members to build on progress in diversity and inclusion, while remaining resilient and competitive in an ever-changing landscape.
“We will continue to address threats to the rule of law, defend the profession from political attacks and highlight the valuable contribution that solicitors make to society.
“In November 2022, we will launch our new corporate strategy, which sets out our vision, objectives, and outcomes for the next three years.
“This vision has the full support of our Council and Board. They have urged us to be ambitious in our plans to maximise the impact and value we provide to our members.
“The extra funding will ensure we’re able to work on the issues facing our members with the necessary resources in the challenging times ahead.”
Notes to editors
*Of the total amount of practising fees to be collected (£114.7m), £60.5m (53%) will be allocated to the regulatory body (SRA) and £32.8m (29%) will be retained by the Law Society. The remaining £21.4m (18%) will be used to fund the work of the Legal Ombudsman, Legal Services Board, the Solicitors Disciplinary Tribunal and the Office for Professional Body Anti-Money Laundering Supervision.
**More than 1,400 Law Society members responded to our PC fee consultation.
The practising fees to be charged to individuals will increase from £266 in 2021/22 to £286 for 2022/23. The practising fees charged to firms for 2022/23 is based on turnover.
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