Study reveals pay scales for law graduates
18 May, 2015
A new study has revealed that most law graduates can expect to earn £54,000 when they qualify as a solicitor; with wages rising by £25,000 in the first five years.
The average starting salary for qualified UK solicitors has been revealed in the study, conducted by salary benchmarking website Emolument, to be more than twice as much as the national average wage (£27,000).
The research also discovered that average wages quickly increased to £76,000 for those with five to 10 years of experience, while Lawyers who have been practising for between 10 and 15 years can expect to earn £100,000 and those with more than 15 years can command £181,000 a year.
The average salary figures are based upon a study of 396 lawyers from across the UK, and takes into account high fee earning areas, such as London, and lower fee earning areas, where the wages of qualified solicitors may be significantly lower.
A key component in setting wages appears to be the quality of the law school the solicitor graduates from, with those who read law at Cambridge commanding the highest salaries after five to 10 years (£99,000).
They were followed by graduates from the London School of Economics who can expect to earn £94,000 in the same period, while Edinburgh University alumni can expect to earn £93,000 and Oxford University graduates £92,000.
Hiring new staff is an important part of any firms’ future expansion plans however, with wages for graduates in the profession more than double that of the average UK worker, choosing to take on new staff members can often be a difficult decision, which could have a significant impact on a practice’s finances.
At Watson Buckle we have extensive experience of helping firms manage the cost of taking on new staff members and can help manage wages and other employee benefits through our innovative payroll services. We can help ensure that adding a new member of your team will not be a financial or administrative burden, so that you can focus on running your practice.
For more information about our range of specialist services, please contact us.