Law Society spending on non-regulatory ‘permitted purposes’, such as law reform and practice support, surged by £6.3m in the four years between 2010 and 2014, research by the Legal Services Board has revealed. The research was part of the LSB’s investigation into the cost of legal services regulation.
The Legal Services Board has said it expects the cost of regulating lawyers to be “going down, not up” as it approved a minor increase in the cost of practising for barristers. It said barristers should be given “much greater information” about how their money is spent.
The Legal Services Board has set out plans allowing it to study in more detail spending by approved regulators, such as the Law Society and Bar Council, before it approves their practising fees. The LSB warned in November of a “potentially high-profile and contentious” dispute with Chancery Lane over the use of fees.
Many lawyers, particularly solicitors and barristers, complain about their practising certificate (PC) fees, but there are high levels of ignorance about what they are paying for, a major cost of regulation survey has found.
The Bar Standards Board (BSB) is not expecting the introduction of entity regulation to lead to many barristers joining forces in a single business, it has emerged.