SRA eyes £66 million SQE income next year 

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By Rhys Duncan on

4

More than double previous year


The Solicitors Regulation Authority (SRA) has revealed that next year’s income from the Solicitor Qualifying Exam (SQE) will be a whopping £66 million.

Contained within the SRA’s consultation paper on a draft business plan and budget for 2024-25, the regulator states that income from assessments will more than double from the £30.3 million in 2023-24.

Whilst the exams are currently setting students back £1,798 for SQE1 and £2,766 for SQE2, totalling £4,564, this is set to rise by 5% from September, bringing the new total cost to £4,790.

The income in 2024-25 won’t include this rise, however, with the accounts covering the exams from the previous year, i.e. 2023-24, before the increase has come into effect. The figure will include an earlier, more sizeable, price increase of 11% implemented in September 2023.

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Price increases alone don’t account for the growth in income; this is primarily due to a sharp uptick in the number of people taking the exams each year. This income is spent purely on assessment costs.

Within the consultation the regulator has also stated that it will deliver a year-three evaluation of the SQE, and make the exam available in Welsh from January 2025.

The exams have received significant backlash from students, most recently focussing on a marking fiasco which saw 175 candidates told they had failed SQE1, when they had in fact passed. If that wasn’t bad enough, Legal Cheek later revealed that a number of students impacted by the blunder had seen their training contract offers revoked.

4 Comments

Anonymous

Defund the SRA. Abolish it and replace it with a community-led regulator. The SRA has proven to be unfit for purpose. It has built up a track record of ineptitude by throwing the solicitors’ profession into disarray. It has crushed the careers of countless promising lawyers over non-issues while Barristers get a slap on the wrist for much more serious transgressions. And it has missed no opportunity to enrich itself at the expense of graduates, not least of all through the odious SQE. Much worse for access to the profession than the LPC -EVER- was. Joke institution.

Archibald O'Pomposity

“Odious” is a very strange choice of word for an exam which is intended to, and clearly does, weed out those who are likely to be unsuitable for the legal profession. Let us remember that nearly 60% of first-time candidates passed the SQE1 according to the most recent data. The purpose of this examination is NOT to provide “access to the profession”. Instead, it is designed to ensure that solicitors’ clients receive competent service.

I see

Ahhhh it all makes sense..

Kaufmann.E

The huge Contribution I believe the SRA will Volunteer not withstanding it’s excellent handling/oversight of Ince/Axiom et Al (yes Al) Tragedy…will do a lot to assuage,did I say Assuage (Merde Alors ! ) Criticism.

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