Profiting from Cost of Time

Why should my firm take part in the Society’s Cost of Time Survey? I don’t see any benefit in providing financial information, as I can already assess profitability and the paper-based submission process takes a long time.

Fiona Robb answers:

Each year the Society commissions research on the cost of running a solicitor’s practice in the form of the Cost of Time Survey.

The survey is a good indicator of the general health of the profession on an annual basis. It is also a benchmarking exercise which helps solicitors set realistic fees and measure their own performance.

What is less well known is that the report is also valued by the Lord President’s Advisory Committee (LPAC) in relation to the Tables of Solicitors’ Fees in the courts. Currently LPAC considers proposals for changes to the rules relating to solicitors’ fees in civil court actions and makes recommendations to the Lord President. Proposals for changes to the rules are received from a number of sources, including the Law Society of Scotland, the Court of Session Rules Council, the Sheriff Court Rules Council and litigants.

Following the publication of Sheriff Principal Taylor’s review, the Scottish Civil Justice Council will consider the proposals and determine which recommendations may be taken forward through court rules. In the meantime, recoverable judicial expenses continue to be fixed by the Lord President on the advice of this committee, and the Society’s submission is relevant.

The Society makes an annual submission to LPAC, usually in December, regarding increases to the hourly rate and the other fees in the tables of fees. The submission usually includes requests on a variety of matters concerning the court rules and the tables of fees. LPAC meets as necessary to consider the submission, and then reports to the Lord President, making recommendations on the matters raised. The Lord President then instructs the preparation of appropriate amending Acts of Sederunt, which are made by the Court of Session. In addition, submissions on changes to the rules on solicitors’ fees may be made to the Lord President at any time by any interested party.

By contributing to the Society’s Cost of Time Survey you are helping the Society prepare a relevant and credible submission to LPAC, which in turn impacts on the table of fees.

The Professional Practice team are very aware that a paper- based submission process is not convenient for all, and are actively investigating alternative means of collecting financial information. Matters are complicated by the need to preserve anonymity in relation to commercially sensitive information, but this is being progressed.

We would be pleased to hear any suggestions for improving the Cost of Time Survey – please email profprac@lawscot.org.uk