We planned to grow our membership and income by being a vibrant, influential and inclusive organisation.
|Membership retention and growth
We grew our practising numbers past 12,000 for the first time in 2019.
The number of Accredited Paralegals rose to 548 with 72 applications in progress. This compares with the start of the year when we had 519 Accredited Paralegals with 35 applications in progress. The retention rate is currently 95%.
In August we launched a new area of work for in-house financial services and fund management.
We now have 2322 Student Associates, of which 539 were new enrolments this year.
The Legal Technologists associate membership category launch was delayed however by 31 October we had a number past the application stage.
We launched the Fellow membership for retired members in August. By 31 October we had 20 Fellows signed up.
We will maintain a competitive set of fees by continuing to grow our non-core income to £2.3 million. We will work with our Board to identify prospective investment opportunities that seek to generate non-core income in future years.
Our non-core income for the year, including investment performance, was £2.2m for the year.
CPD and Training, our largest non-core income function, has grown, and following investment in our online offering. It is expected to grow further in the coming years.
Other non-core income streams have performed strongly in a more difficult economic climate during a year when new initiatives such as accountancy panels, LegalTech and cyber resilience were introduced, to improve our future financial resilience.