Legal Services Board reveals 2024/25 practising certificate fee
By Gazette Reporter >>
(25 September 2024)
The Legal Services Board has confirmed that the cost of an individual practising certificate for 2024/25 will remain the same at £307, the Law Society said today. However an increase in the number of practising solicitors has allowed both the Society and the Solicitors Regulation Authority to receive more money from the annual charge.
Solicitors in England and Wales are required to pay for a practising certificate each year. The fee, set by the LSB, is collected by the SRA.
An individual 2024/25 PC will cost £307. From the funds generated, the Law Society will receive 28% (£36.8m), an increase from 27% (£35.1 million) of total funds generated in 2023/24.
Chancery Lane said an increase in the number of practising solicitors has allowed for both the Society and the SRA to receive more income from the PC fee without the cost of an individual PC going up.
The SRA will receive 53% (£70.2 million) of the total funds generated by the PC fee in 2024/25.
The remaining funds (19%) will be split between:
- The legal services ombudsman (£16.8 million);
- The LSB (£5.6 million);
- The Solicitors Disciplinary Tribunal (£2 million) and
- The Office of Professional Body Anti-Money Laundering Supervision (£0.9 million).
Law Society chief executive Ian Jeffery said: ‘In our recent consultation, members have expressed support for our programme of work and confirmed its match with their priorities. Separately, we welcome the Solicitors Regulation Authority’s restraint in not increasing its share of the PC fee in light of the substantial increase in contributions to the Compensation Fund, which the SRA has proposed and is still awaiting approval from the LSB.
‘“Our members – particularly those running small firms – are facing challenging economic conditions, so a zero increase PC fee will be a relief.’
(Courtesy: The Law Society Gazette)