ROLLONFRIDAY STORY 13TH MAY 2005
Law Society spending up 25%
The Law Society managed to waste an amazing 25% more of your money in 2004 and recorded a heavy deficit in its annual accounts.
Despite raking in an extra £11 million compared to 2003, the Society still managed to end up a staggering £6.4 million in the red. The Society spent an extra £2.1 million in legal fees, presumably most of which went on defending itself against racial discrimination claims (see story) and in-fighting with its former vice president Kamlesh Bahl. Most of the money, however, was spent on wage increases. In fact Law Society staff awarded themselves an extra £6.3 million pat on the back for all the hard work they've put in on our behalf during the year.
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Where your practice certificate fee goes | |
Chief beneficiary of the Society's largess, of course, was none other than chief executive Janet Paraskeva, who pocketed an impressive £297,000, including a generous £72,000 in pension contributions. Ms Paraskeva was also awarded a healthy £28,000 bonus, though what exactly this was for is anyone's guess.
Still we shouldn't be surprised that the Society has managed to rack up such an alarming loss. They did pretty much the same in 2003 (see story), and, despite merrily hiking up the practising certificate fee, have been losing money hand over fist ever since. This year spending topped £93m (more than the turnover of Nabarro Nathanson), but if Ms Paraskeva and friends carry on the good work RollOnFriday has high hopes they can break through that elusive £100m barrier by the end of 2005.