SRA fees calculator helps firms to budget plan

Solicitors and firms can now get help with planning budgets for the next year by accessing the fees calculator on the SRA website.
Although the practising fees are yet to be ratified through the Law Society Council and the Legal Services Board, the calculator can still be used in order to give the regulated community an idea of what requirements there will be for the practising year 2012/13.  
The SRA Board has already agreed to maintain the same fees structure as last year.  Firms can get an indication about what they might be asked for in the next practising year by going to the calculator page, which can be found here.
Mike Jeacock, SRA Executive Director commented:
“Firms will already be planning ahead for next year’s budget and the fees calculator should be able to play a part in this.  While the exact levels still need ratification, the SRA’s Board has approved the decision to maintain the same fee structure as last year, so the calculator can still be a useful guide.
“This year there is a rise in the Compensation Fund contribution due to expected higher levels of grant payments and a more cautious approach to the level of reserves held in the fund.  Previous years contributions have been at a reduced level, partly due to the utilisation of reserves in the fund.”
When the SRA Board draws up the fee structure, it adheres to eight principles.  These principles include being fair to players, being stable and taking account of ability to pay.  The structure needs to be based on data that can be verified, and needs to be as simple as possible so that firms and solicitors can easily calculate their contributions.         
Next year’s fees will be due to be paid in November.  
Next year a fundamental review of the fees structure is planned, with the aim that it will be implemented in the 2014/15 practising year.  
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