We are asking Scottish law firms to help us better understand the costs of regulatory compliance by completing a short online survey.
The Roberton Report on legal services regulation recommended that the Scottish Government create a new independent body to regulate the whole of the legal profession.
Lorna Jack, Chief Executive of the Law Society, said: “As the professional body for Scottish solicitors, one of our key concerns, is that the creation of such a body will result in a significant increase in costs to the profession.
“These costs will inevitably be passed on to clients and as fees increase, the affordability of legal services and ultimately, access to justice could be put at risk. We look to the cooperation of our members to help us clarify current costs, so that we can more accurately quantify the potential increase which the report’s central proposal might result in.”
In order to demonstrate how we believe costs will rise, we need to build up a more detailed picture of the current costs of regulatory compliance. Annual outgoings such as Practising Certificate fees, SLCC levy, Accounts fee, AML Fee and Client Protection Fund subscription are clear and quantifiable, but we need to better understand the ‘hidden’ costs for firms, such as staff wages, technology, due diligence checks and the master policy premium.
To help us gather this information and equip us to oppose the creation of a more expensive regulatory regime, we have contacted Cashroom Managers asking them to complete a short survey, estimating the firm’s total annual cost of complying with regulation.
If you are a cashroom manager and have mislaid your email, you are the person in your firm best placed to complete the survey, or you have queries about the survey or any other aspect of the Roberton Review, please contact us at RobertonReview@lawscot.org.uk.