England has the highest student debts in the developed world thanks to a formidable combination of high tuition fees, rising interest rates whilst studying and maintenance grants scrapped in favour of loans. By the time the poorest students leave university, they will have £57,000 in debt from loans incurred by a 3-year course. Those who are not eligible for the maintenance grants will incur an average debt of £42,000. according to the IFS. If you are wondering how you can repay your student debt once you leave uni and start working , consider several factors that can affect your ability to earn a good salary and enable you to pay back what you owe.
Salaries of Law Graduates Depend on Different Factors
On top of an intense interest in law, you might be attracted to this field of study because of the high remuneration expectations. However, keep in mind that law salaries depend on several factors. The type of work that you will do and the kind of firm that hires you as well as your location can affect your pay. There is no minimum salary for trainee lawyers but the Law Society suggests at least £20,913 for those in London and £18,457 for other locations. Note that the salaries for trainees are different in Scotland and are generally lower than the rates for the rest of the UK at £18,000.
Salary Levels Are Expected to Increase After Qualifying
The picture after the training period is expected to look rosier especially if you are one of the lucky ones to be hired by the Magic Circle which is composed of London’s most esteemed firms. Expect to pocket over £71,000 if you stay with the Magic Circle. As you gain experience, your pay also increases reaching up to £80,000 and over £100,000 if you’re a partner. These figures are typical of earnings in London and big cities but will be lower for other locations and smaller firms. Commercial and international law work also pay the best compared to jobs performed by lawyers in the areas of personal injury and family […]