12 May, 2017
Three-quarters of CLC lawyers think that regulation by the CLC provides value for money and supports innovation and growth in their business. Now the CLC has launched a consultation on the objectives and principles that should govern the setting of licence and practice fees. This follows a 20% reduction in entity fee rates in 2016.
A key proposal is to maintain consistency in regulatory fees year on year, so that firms are able to plan with confidence that rates will not see-saw. But we are committed to making reductions in rates whenever that is possible in a way that we can be certain is sustainable.
The CLC’s fee rates are calculated on the turnover of firms. As the turnover of CLC firms continues to rise, the CLC believes it will be able to reduce fees. Our tight control of the cost of delivering tailored regulation of specialist property lawyers will also help.
There could be exceptional circumstances, such as a prolonged economic downturn, when a different approach is required. If the CLC’s minimum reserves were not able to absorb the impact of such an event, then rates might need to increase.
The CLC is committed to delivering proportionate, targeted regulation and that includes keeping the financial burden of regulation to a sustainable minimum.
The consultation closes on Friday, 23rd June.