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IT project “cost overruns” have contributed to the Law Society budgeting for a £10m deficit this year, it has emerged. The 2011 accounts also reveal that chief executive Des Hudson received a 6.8% pay rise last year to £407,000 in total.

Practising certificates (PCs) continue to dominate news from the Solicitors Regulation Authority (SRA), with around 10,000 solicitors failing to meet last Friday’s deadline for renewal. The SRA has also begun a review of this year’s chaotic PC renewal exercise.

Barristers are facing a 5% increase in the cost of practising as the Bar Council looks to raise an extra £365,000 to balance its budget next year. That means QCs in private practice would pay a core fee of £1,026, while those at the employed Bar would pay £728.

The cost of a solicitor’s practising certificate is set to fall 23% this year – even more than anticipated – we can reveal. Meanwhile, the SRA is to be given the power to ensure that ABSs cannot manipulate their turnover to reduce the fees they have to pay to operate.

The practising certificate fee is set to fall by 16.7% to £350 in the coming year, it has emerged. The news comes as the Solicitors Regulation Authority should tomorrow approve provisions that will allow it to amend an alternative business structure’s turnover figure – upon which the SRA’s fees will be based – if it feels the number does not reflect the true value of the legal services provided.