271.Paragraph 38 amends schedule 1 of the 1980 Act. These changes enable the Law Society to charge an annual fee in relation to an authorised legal businesses. Different fees may be charged based on the financial performance of the business or its size etc. For example, this may mean that fees are set by reference to the Scottish turnover of a legal business or the number of solicitors it employs.
272.The amendments also permit the Law Society to set an annual subscription of £0 for members to enable (but not require) the Law Society to shift to a funding model where the majority, if not all practice fees, are the responsibility of the business rather than individual solicitors.
Schedule 1 – Law Society of Scotland Revenue powers in respect of authorised legal businesses