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Total practising certificate fees fall once more as the legal profession expands

Total practising certificate fees fall once more as the legal profession expands

The combined total cost to practise as a solicitor has fallen slightly once again this year. This follows discussions between the Law Society and the Solicitors Regulation Authority (SRA) to set the renewal fee to £318 per individual for 2017/18 - a £4 reduction from the fees levied in 2016-17.

This figure includes the regulatory fee of £278, as well as a compensation fund contribution of £40, in anticipation of the need to fund a new regulatory role created by the Financial Conduct Authority to focus on money laundering activity.

The legal profession continues to expand rapidly and the influx of new solicitors has increased by almost a fifth during the last decade. In 2016, 136,176 held a practising certificate in England and Wales compared with 115,475 in 2009. Of the solicitors currently holding practising certificates, 49.5% are held by women and 50.5% by men.

Renew your practising certificate in three easy steps

Wesleyan Bank is proud to continue its relationship with the SRA to remain the chosen provider of finance for practising certificates (PC). This enables legal practitioners to spread the cost of PC renewals over ten equal monthly instalments which can be done through the mySRA online account portal.

Wesleyan Bank's payment facility, which is endorsed by the Law Society, is available to all law firms that are required to make payment to the SRA for all regulatory fees that are due. The MySRA portal will be open throughout the PC renewals period, from 2 October until 31 October 2017, when the window officially closes.

Step one

Log-in to your MySRA account and click through to the My Services, Organisation Related Services section.  When concluding your SRA submission select the 'Bill Me' payment option, ensuring you make a note of the amount to be paid and the invoice number when they appear on screen.

Step two

Once you have your invoice number and the amount due, you can obtain a quotation and make an application online. The process is fast and hassle- free. No accounting information is ordinarily required and no individual credit searches are undertaken.

Step three

Once an application has been submitted, the invoice amount is paid in full direct to the SRA assuming all information received is accurate. Wesleyan Bank's processes have been agreed with the SRA and all payments are made within 24 hours following approval, allowing immediate reconciliation of your account. It couldn't be simpler.

Preserve cash flow by spreading the cost of PC fees

With the escalating threat of cybercrime and cash flow at the top of many solicitors' concerns this year, practising certificates and other regulatory costs can place additional financial pressures on law firms.

By accessing Wesleyan Bank's simple funding solution legal practitioners can spread the payment of PC fees over ten months and pay for two or more certificates in one go, saving time and preserving vital working capital for other important areas of the business.

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