All firms holding client money currently contribute to the fund, which is to replace money misappropriated after being entrusted to a solicitor.
For 2013, the compensation fund levy has increased by £32 (per individual) and £568 (per firm), to £92 and £1,340 respectively.
The two-year review will include research on the SRA fund, assessment of how other regulators compensate clients and a consultation. Recommendations will then be drawn up and put in front of the relevant bodies.
Helen Herniman, SRA director of post-enforcement, said: 'We are the only frontline regulator that operates such immediate compensation arrangements and solicitors should take pride in the fact that they contribute to such a fund.
'The majority of solicitors carry out their duties involving client money with the integrity expected, but unfortunately there's a small percentage which doesn't and they present a great risk to the public.'