The Law Society’s latest financial accounts show that the cost of dealing with an increasing number of firms in financial difficulty doubled from £3m to £6m, in a year that saw the body enter the black for the first time since 2010 and soon-to-retire Law Society chief executive Des Hudson receive a pay rise of nearly 20%.
The provision for intervention, disciplinary proceedings and litigation costs in the year to October 2013 increased by £3m due to ‘a significant increase in the number of legal firms experiencing financial difficulties and [the fact that] an increased part of the SRA’s supervisory activity was focussed on addressing the risks arising from this increase,’ the Law Society said.
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