The SRA has decided not to impose a special one off fee on solicitors to pay for the increased cost of intervening in failed firms, but prefers the bill to fall on the compensation fund instead which is dwindling fast.
By October the funds will be £45m and the SRA has advised that there will be an increase in fees this year to cover the cost of the fund in 2014.
It may have to intervene in about 50 more firms that cannot find a buyer but that have client files open.
It was the failure of bigger firms at the start of 2013, Cobbetts, Atteys and Blakemores , that increased the SRA’s exposure to exceptional intervention costs.
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