Firms to pay most of PC fee
The SRA board agreed at its latest meeting that solicitors will pay a “much reduced” individual PC fee of about £460, with firms paying a separate fee based on turnover.
Under this new hybrid mechanism, the overall fee for a firm with 45 fee earners and a £6m turnover will be £53,115.
This would include £23,400 from the fee earners – or £520 each – and £29,715 from the firm – or the equivalent of £660 per fee earner. In addition, all fee earners will be required to contribute £10 each to the Compensation Fund, and the firm £150.
The new mechanism is still subject to approval by the Legal Services Board, and on the Law Society deciding on the total funding requirement for next year.
The SRA says the new model will reflect more accurately the fact that most of the regulatory activity relates to firms rather than individuals.
