Monthly Archives: April 2014

Tips to Advance Your Legal Career in 2014

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If you are looking for a career in law then you can have a rewarding and lucrative future, provided you take all the necessary steps correctly. After you have established yourself as lawyer, you will surely be able to earn a lot of money by providing legal services. As people are unable to overlook legal compliance, lawyers are always in demand throughout the globe. According to the current trends in job market, law graduates tend to have a promising future. But it greatly depends on your skills, efficiency and networking. Apart from achieving excellent academic qualifications, you will need to possess observation skills, communication skills, ability to negotiate etc. Moreover, if you can get some experience and build your reputation, your legal career will progress leaps and bounds.

There are a number of things that you can do to improve your legal career prospects. You can find some valuable tips for law students, law graduates as qualified lawyers and solicitors that will support in developing their future.

Tips for Law Students

The most important suggestion you need to follow is enhance the chances of obtaining a training contract or pupillage. Moreover you need to aim to achieve a first class degree to progress your legal career. Here you will need to commit to yourself and have a positive attitude. If you feel a full time law course might be more challenging for you due to time constraints, then an online degree programme in law can prove to be highly beneficial. This will help you in becoming a successful lawyer in your future.

Apparently, increasing number of students are being awarded first class degrees from law schools in the UK. This may be due to various economical and administrative reasons, but the fact is you have a higher chance of getting a first class degree with sufficient effort and dedication. Achieving a high marks in your studies will help you to shape your own career in law. Graduates with first class degrees can apply for interviews in reputed firms and secure high paid jobs in legal services.

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Tips for Law Graduates

If you are a law graduate and wish to have a great career then first and foremost take a hard look at your resume. This will help you to get a clear picture about yourself. What will be the determining factor is the amount and quality of work experience you have in your CV.

If you do not have adequate legal work experience, then start taking steps immediately as this will have a great impact on your career in future. You might have to face several challenges to achieve sufficient work experience, but it will certainly prove profitable in the long run. It is best if you do not concentrate on short term gains as that will not help you in the coming years. Proper and quantifiable legal work experience will surely increase your legal career prospects.

Tips for Qualified Lawyers and Solicitors

The best and most effective tip for qualified lawyers is to improve their network and build a client base. It is imperative that you develop a following as it will make a huge impact in your career as well as in your future. Take steps to make your existing clients know that you are the lawyer they need. You need to promote yourself while representing your firm. Use the reputation of your firm to advance your own career forward.

You can build a following through family connections, friends and peers as well as by giving excellent personal service to your clients so that they will want you personally to work for them. Although this is somewhat hard to achieve, it will definitely boost your career and provide you with a solid base that will help you to start your own practice in future. Otherwise you will remain as a salaried legal staff for affirm and work with cases of other lawyers and solicitors.

Apart from these you will also need to follow the latest trends in legal job markets in the UK as well as across the world. This will provide you insights on the current scenario and help you to plan your next move for improving your professional standing. You can learn about job prospects and legal market trends below.

Job Prospects in 2013

In 2013, there were adequate legal jobs available in the UK. Prospects and salaries in law jobs have seen growth in the last year, as compared to previous 3 years. Experts have affirmed an increase in legal job opportunities which can be certainly encouraging for graduates with a law degree. There was a 16 percent growth in law vacancies in 2013 and it has risen to 136,362 (2013) from 117,258 (2012). Moreover there was also a high demand for legal executives and solicitors in the Midlands and the North West. However, the most legal job opportunities were offered from the South East and London.

According to a survey of graduate vacancies at Britain’s leading employers conducted by High Fliers Research, around 708 law graduates were recruited by December 2013. However, the recruitment target was 765 in January 2013. Overall there was a fall of 6.2 percent in legal services recruitment and 47 vacancies were cut in the UK as compared to 2012. However the situation is expected to get better in 2014 with recruitment target at 709 and 22 new legal vacancies added as compared to 2013. Overall there is an increase of 3.2 % in recruitment in the UK as compared to 2013.

You can also apply for international jobs as there has been a significant growth in legal vacancies in Brazil, Singapore, the Middle East and others. Experts believe that this trend will surely continue in 2014 and lead to further development of the legal services job market.

Growth in Legal Services Recruitment

According to Douglas Scott Legal Recruitment, candidate registrations increased by 30 percent and permanent placements rose by 52 percent in 2013, as compared to 2012. Most of the law firms are now looking forward to hiring new candidates as the scenario has improved after the recent recession. There has also been an outstanding demand for Property Lawyers in 2013. However, other legal practice areas are also not behind. On the other hand, some experts feel that the number of students in law schools is presently decreasing due to lean future prospects.

Global Legal Services Prospects

According to a report on global legal job market published by the Law Society in 2013, large law firms in metropolis areas are expected to grow further, but high street solicitors might face some challenges. The study confirms that the legal services market in UK is worth around £26.8bn and employs 320,000 individuals in Wales and England.

The legal services sector contributes significantly towards UK’s economical growth and thus the development of this sector is important. Most of the law firms in Wales and England are acquiring a growing share of the expanding global market as it has a professional and qualified workforce and a trustworthy reputation worldwide. However the high street law firms are experiencing a harsher scenario. Most of the firms are resilient and are striving to conquer a large share of a smaller market.

As you can see, the recent growth of the legal job market can provide you with a great and lucrative career but you will need to be determined and put in the efforts as there will be several challenges in your way. However, if you are ready for making the commitment then you will surely achieve your legal career goals.

Article sources: bit.ly/1gSOZpj, bit.ly/1ej80Aj, bit.ly/1nfqasW

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Government is Likely to Lose More Money in the Form of Outstanding Student Loans

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The percentage of unpaid student loans is about to touch the point at which the government will begin to drop the income gained from having increased tuition fees. Ministers in the government are of the view that 45 percent of university graduates may not earn enough to reimburse their education loans. The unpaid student loans are drawing near 48.6 percent at which experts believe that government will lose more money.

According to David Willetts, the universities minister, government has reviewed its student loans structure and about 45 percent of debt would be given up for lost. He was replying to a question asked in a parliamentary session.

Percentage of student loans soaring high

In just six months, the estimated debt figure increased by 5 percent from 40 percent. However, officials say that estimates may change, as they were based on long-term calculation.

While calculating the student loans, officials took account of the modification in the higher education funding in the academic session of 2012-13, when universities in England and Wales tripled their yearly tuition fees to £9,000.

Into the present system, students need to repay their loans after they start earning above £21,000. They have to repay the loans at 9 percent of their salary exceeding £15,000.

Ministers explain that an estimated 28 percent of loans may never be repaid in full, as the current repayment system has dropped the repayment levels so low that government is likely to retrieve less money than it could have under the old system.

On the current student debt issue, London Economics said that if 48.6 percent of student loans are not repaid, the tipping point would be reached, whereas Liam Byrne, the shadow universities minister of Labour party termed the current student finance system as vulnerable and indefensible.

Experts’ views on current student finance system

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Liam Byrne said, “What today’s figures show is that the government tripled fees, put students in thousands of pounds of new debt but the system now costs practically the same as the old system because so few students can afford to ever pay their debts back,” He further says that the figures will keep getting worse unless there is an improvement in economic outlook and graduate salaries.

Mr. Byrne adds, “It is clear we have built the student finance system on top of a money pit. I am afraid it can’t go on and we now need a debate about how we are going to pay for higher education and the nation’s universities in the decade ahead.”

A spokesman from government says, “Our universities are now well-funded and this is driving up the quality of the student experience and helping to stimulate economic growth. We are also protecting those on lower incomes and those from poorer backgrounds are applying in record numbers.”

Anticipating huge loss, the universities minister has not completely ruled out increase in the tuition fees for students post next parliamentary election. The Labour party has already warned the current system as a financial time-bomb that may create a big hole in the university education funding.

Hence, overseas students moving to England and Wales for higher education may have to pay more tuition fees in the next couple of years. So, students from relatively poor economic background can find an alternative in the form of online education. Some eminent universities from UK offer highly popular online courses to the students at relatively affordable tuition fees.

Article Source:  bit.ly/1m1a85k, bit.ly/1s1XYxc

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