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SRA blames practising-fee increase on inflation

The organisation that regulates the solicitors’ profession in England and Wales is asking for an increase of 7% in practising fees for its 2023/24 financial year.

The Solicitors Regulation Authority (SRA) is looking for its share of next year’s practising-certificate fee to rise from Stg £151 to £162.

The proposal came in a consultation document on its proposed corporate strategy for the 2023-2026 period.

The SRA said that the increase was due to the impacts of high inflation and “external demands” from policy-makers and regulators, as well as the need for additional investment in some areas.

Limit

Paul Philip (SRA chief executive) stated: “Through a combination of tight budget control and efficiencies, in recent years we have been able to absorb inflation and keep any rises to an absolute minimum.

“There is a limit, however, to how far we can continue to go on doing more for less or the same, particularly in a period of such high inflation. This increase will help us to continue to regulate effectively,” he said.

In addition to the SRA component, the final practising-certificate fee is also made up of elements which fund part of the work of the Law Society of England and Wales, the Legal Services Board, the Legal Ombudsman, the Solicitors Disciplinary Tribunal and the Office for Professional Body Anti-Money Laundering Supervision.

Consultation on the new strategy will run for 12 weeks, until 2 August.