The reductions, from £90 to £60, and from £1,680 to £1,150, are subject to final Solicitors Regulation Authority (SRA) Board and Legal Services Board approval.
The SRA said the main reason for the fall is a decline in number and complexity of interventions in struggling law firms. However, it said the risk of high value claims has increased due to solicitors’ involvement in dubious investment schemes.
The Compensation Fund pays money to those who have lost money due to poor behaviour by a solicitor.
Paul Philip, SRA chief executive, said: ‘The Compensation Fund provides an essential safety net for those who need it, helping to maintain trust in the profession.
‘With fewer than expected interventions over the last year or so, I am pleased that we have now been able to bring contributions down.’
