Law Society of Scotland announce £2.2m financial support for Scottish solicitors

In response to many in the solicitor profession feeling the financial impact of COVID-19, the Law Society of Scotland yesterday announced a £2.2 million financial support package for Scottish solicitors.

The professional body’s governing council has agreed that for the 2020/21 practice year:

• the practicing certificate (PC) fee for every solicitor will be reduced by 20%,
• the accounts fee paid by law firm partners will be reduced by 20%,
• the client protection fund contribution for law firm partners will be reduced to zero.

With reports that 90% of law firms have faced a reduced turnover as a direct result of COVID-19, this financial package is a welcomed relief for Scottish solicitors at this critical time. You can read information on the financial support package on the Law Society of Scotland website.

Our EQ Professions team are here to help with practical steps that you can take to protect your cashflow and access the main government measures put in place to support firms through the current COVID-19 lockdown.

If you’d like more information, support or advice, please contact our EQ Professions specialists at professions@eqaccountants.co.uk or contact your local office.