A new study suggests that law is one of the best-paid professions in the UK.
According to the research, which was carried out by salary comparison website Emolument, approximately 30 per cent of UK solicitors earn £100,000 or more a year – making law officially one of the highest-paid professions in the country.
In fact, the ‘earning power’ of the legal sector ranked second in the survey, just behind the financial services sector, where as many as 60 per cent of professionals earn £100,000 or more.
The legal sector was also followed closely by the insurance, energy and mining and pharmaceuticals sectors – which all ranked in joint-third place.
According to Emolument, the average solicitor will need a minimum of approximately 11 years’ practising experience before they can expect to receive a six-figure salary.
Interestingly, however, of all professions studied as part of the survey, this 11-year period is actually the shortest time a worker can hope to secure a £100,000 salary, the research reveals – with workers in most other sectors having to work much longer before they can attain top pay grades.
However, the survey also found that pay inequality appears to be rife in the legal sector – particularly among law firms in London and South East England.
It found that while some firms were paying top salaries to many Partners and Senior Associates in certain practice areas, firms elsewhere were struggling to pay the National Minimum Wage (NMW) to trainees and paralegals.
The news comes at a time when separate research carried out by legal news website Legal Cheek suggests that a third of trainee solicitors are being paid less than the Law Society’s recommended minimum wage of £20,913 per annum.