At the end of June 2017 we regulated 231 practices (233 in June 2016) with a combined turnover of over £214m (£198m in 2016). We also license 1,372 individuals as at June 2017 (1,323 in June 2016).
We only undertake regulation, and that accounts for all of our income and expenditure.
Regulated practices pay an annual fee to fund the work of the CLC and make a contribution to the Compensation Fund. Both are based on the firm’s turnover. Individuals also pay a fixed licence fee. Increases in the turnover of CLC firms allowed us to make a 20% reduction in practice fee rates in 2016 that will hold steady in 2017.
In 2016, total income was £3.5m.
In 2017, based on half-year results, we project that the total revenue received will be £3.3m.
The CLC only undertakes the regulation of specialist conveyancing and probate lawyers. We are not engaged in any other activity. Accordingly, all of our expenditure arises from our regulatory responsibilities, as overseen by the Legal Services Board. The CLC also pays levies to fund the work of the Legal Services Board, Office for Legal Complaints and Financial Conduct Authority. Our application of the funds received in 2016 and 2017 is set out in two charts below.
Income and expenditure will both be lower in 2017 than in 2016 as a result of the CLC moving away from the direct provision of education and the reduction in practice fee rates. Direct comparison between 2016 and 2017 is not entirely possible because of the changes to education, which has had some effect on the changes to the percentage share of funds for the CLC’s other activities. The activity categories are explained now.
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