The cost of the legal profession’s overall regulator has tumbled by nearly half in the last seven years, figures published yesterday have shown.
The Legal Services Board, the profession-wide regulator in England and Wales, cost lawyers an average of £18.38 each last year, about 45 per cent less than the £34.38 the organisation cost per practitioner in 2010-11.
The board’s overall budget for last year was £3.998 million, also significantly down from £4.931 million seven years ago. Indeed, the organisation reported an underspend of more than £470,000 last year on its projected budget. However, that underspend was significantly less than the figure for the year before of £711,000.
According to the board’s annual report, the belt tightening resulted from holding staff posts vacant for “an extended period”. It also adhered to the 1 per cent cap on pay rises that operates across Whitehall departments.