Important information about the SRA’s proposed increase to the Compensation Fund 2024/2025
We want to ensure that all of our members have an opportunity to review and have their say about the SRA’s draft business plan and budget (including PC fees and contributions to the Compensation Fund), the link to the information and consultation is here business-plan-and-budget-2024-25-consultation.pdf (sra.org.uk).
The SRA’s budget does not propose to increase the practising certificate fee of £162, however there is a proposal to increase the compensation fund for both individual Solicitor’s contributions and Law firm’s contributions: –
| Practicing year | 2022-23 | 2023-24 | 2024-25 | INCREASE |
| Individual contribution | £30 | £30 | £90 | £60 |
| Firm Contribution | £690 | £660 | £2,220 | £1,560 |
If the proposals are implemented this is likely to affect all law firms, resulting in a significant increase in outgoings.
The time to respond to the consultation is:
- In relation to Practicing Certificate Fee and Compensation Fund, the deadline is midday on Monday 24 June 2024;
- In relation to the budget and business plan, the deadline is Tuesday 2 July 2024.
Given the potential financial impact on our member firms Liverpool Law Society are liaising with the Joint V, consisting of the 5 largest Law Societies in UK (Liverpool Law Society, Manchester Law Society, Leeds Law Society, Bristol Law Society and Birmingham Law Society), with a view to formulating a collective response.
You can respond to the consultation direct however we would also welcome your feedback so that we can include it in Liverpool Law Society and/or the Joint V response. Please send your response and comments by close of business on Friday, 14 June to committees@liverpoollawsociety.org.uk