Legal Services Board approves £286 practising certificate fee for 2022-23

The Legal Services Board (LSB) has approved an increase in the cost of an individual practising certificate fee for 2022–23 to £286, up from £266 for the previous year.

The income collected from the PC fee and charges to law firms is used to fund the activities of the Solicitors Regulation Authority, with the remainder split between other organisations including the Law Society, the Legal Services Ombudsman and the Solicitors Disciplinary Tribunal.

The funding requirement for all organisations is £114.7m, a £10.4m increase from £104.3m in 2020/21.

The Law Society said: “The cost of an individual practising certificate has either been frozen or reduced over the last nine years. For example, the fee was £266 in 2021, compared to £428 in 2010.

“Additionally, the Law Society supported the profession when the pandemic hit in 2020 by reducing the share of the practising certificate fee (PC fee) income we received by £3m. We maintained this level in 2021 as government restrictions continued.”

Chancery Lane said it had “ambitious plans for the year ahead to deliver more of what you have told us is important to you”.

It will publish a new corporate strategy in November 2022 setting out its vision, objectives and outcomes for the next three years.

The SRA said the compensation fund contribution for individuals will meanwhile be reduced from £40 in 2021/22, to £30 for 2022/23. Firm contributions to the compensation fund will also fall from £760 to £690.

The fund makes discretionary payments to those that have lost money in certain circumstances, when a solicitor misappropriates or fails to account for money when providing legal services.