Two-thirds of legal workers struggle to make ends meet, according to new research, with nearly half running out of money before their next pay-check.
The research, compiled by online job website CV-Library, reveals that 67% of legal professionals struggle to support themselves financially, but more than half (53.3%) are too scared to ask their employer for a pay rise.
The study, which surveyed 2,300 British professionals, found that the majority of legal workers were more likely to apply for a new job, as opposed to ask for a pay rise, as 60% feel confident about securing a higher paid position elsewhere.
Worryingly, the study also discovered that 47% of legal sector workers run out of money before they get paid.
Lee Biggins, founder and CEO of CV-Library said: “It’s worrying to see that so many professionals in the industry are struggling to make ends meet across the UK. The cost of living is continuing to rise and when the economy is so uncertain, it’s clear that companies in the legal sector just can’t keep up in terms of pay. It’s unsustainable for staff to keep working at a financial deficit and it’s up to businesses to do their best to offer employees reasonable salaries. If you don’t, you’ll run the risk of losing talented staff.”
Earlier this month the Law Society increased the recommended minimum salary for trainee solicitors to £22,541 in London and £19,992 elsewhere — an uplift of 1.9%. But recent research showed that almost a third of rookie solicitors were being paid below the Chancery Lane-set levels, a rise of five percentage points on last year.
Legal support roles including paralegals and chambers clerks are typically paid even less, with some earning as little as £16,000 a year. While at the other end of the profession, Legal Cheek‘s Firms Most List 2020 shows a handful of newly qualified (NQ) solicitors across the City’s elite US firms can receive salaries in excess of £150,000.
“While businesses aren’t solely responsible for their employees’ financial wellbeing, you want to make sure you’re offering fair pay. Plus, in order to retain talented workers, it’s important that you conduct annual salary reviews. This doesn’t mean you have to offer more than you can afford; but you should look to reward good performance and increase wages in line with inflation.”
1 thought on “Research reveals that most lawyers struggle financially”
Apt Research work! I humbly but firmly believe that if employers of labor particularly in the legal sector should encourage Partnerships, invest and diversify the investments of their Law Firms and subscribe to insurance products for the welfare of their staff, Lawyers would be better paid and such Law Firm would grow and be renowned.
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