The Law Society Group’s recent financial disclosures have revealed a significant increase in both costs and staff numbers.
The Law Society Group, encompassing the Law Society and the Solicitors Regulation Authority (SRA), has seen its income rise to £174 million for the year ending 31 October 2023. This marks an increase of £37 million from the previous year, primarily due to escalating practising fees and a surge in applications for the Solicitors Qualifying Exam.
Practising fees contributed £115 million to this income, with allocations including £61 million to the SRA, £33 million to the Law Society for non-regulatory purposes, and £21 million in levies distributed among the Legal Services Board, Legal Ombudsman, Solicitors Disciplinary Tribunal, and the Office for Professional Body Anti-Money Laundering Supervision. The total for practising fees increased to £128 million in 2023/24 and is expected to reach £132 million for 2024/25.
Employment costs for the Law Society Group also rose by 9% to £68 million, with a 6.5% increase in staff numbers, now totalling 1,115 employees. The SRA employed 58 more staff, totalling 766, while the Law Society added 12 new positions, bringing its total to 389.
Within the organisation, notable salary adjustments were recorded. SRA’s Chief Executive Paul Philip’s remuneration increased by 4.5% to £392,000. Meanwhile, Ian Jeffery, in his inaugural year as Law Society Chief Executive, received £256,000 alongside a £9,000 pension contribution. Comparatively, Mr Jeffery’s predecessor, Paul Tennant, earned £327,000 before his mid-year departure.
Additional income for the Law Society amounted to £12.7 million, with accreditation services contributing nearly £4 million, reflecting a 17% increase. However, advertising and recruitment income from the Gazette decreased by £110,000, now under £2 million, with corporate sponsorships and partnerships also seeing a slight dip, bringing in £1.5 million.
As part of administrative decisions, the society’s ruling council members will receive an annual honorarium of £2,050 in addition to expenses, a proposal that passed without dissent. There were suggestions to extend this benefit to members of various committees.
Leadership transitions were also noted as Richard Atkinson assumes the presidency, preparing to lead the Law Society into its bicentennial celebrations next year. Mark Evans steps into the role of vice-president, with Brett Dixon appointed as deputy vice-president.
The Law Society Group’s financial and staffing growth reflects broader trends in the legal sector, as it prepares for future challenges and milestones.
