Under the ICLA proposal, 75 percent of interest generated on pooled client accounts and potentially 50 percent of interest from individual client accounts could be remitted to the government. This move is intended to contribute to the justice system, with former Secretary of State for Justice David Lammy stating that unearned income could be better invested in strengthening the system.

However, legal bodies like the City of London Law Society (CLLS) and The Law Society of England and Wales have voiced strong opposition. Colin Passmore, chairman of the CLLS, described the proposal as "clearly problematic for smaller firms" and another attempt to impose additional taxation on solicitors, which he believes will increase costs for clients and drive them towards unregulated providers.

Concerns have also been raised about the financial implications for law firms. Data suggests that top UK law firms generated hundreds of millions in client account interest in recent years, a source of income that some firms, particularly smaller ones, rely on. Critics argue that diverting this income could lead to hundreds of firms going out of business and could ultimately result in a loss of tax revenue if partner profits fall.