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The Law Society Council has cut the cost of the solicitors practising certificate by 23 per cent, knocking it down from £428 to £328.
Law Society chief executive Des Hudson said: “The closure of our defined benefit pension scheme, together with the benefits of the investments made over the last few years in systems and a major cost reduction and efficiency programme, has enabled the society to make a significant reduction in the practising certificate fee for next year.
“It’s our intention to continue to contain the costs of the Law Society in the coming years.”
Net funding for the Law Society in 2012 will fall 22.1 per cent to £94.8m from £121.7m.
Meanwhile, the council has approved plans to increase contributions to the compensation fund in 2011-12, with individual solicitors required to contribute £60 while firms will pay £770 each.