Some quick and easy tips for managing your money
Budgeting is important
Planning and budgeting are two keys to developing a financial plan. You can take charge of your finances and your life by setting financial goals, planning a budget - and sticking to it.
Becoming a solicitor does not mean automatic ‘big bucks’
Some solicitors, depending on the kind of work they do, make no more than £25,000pa, even when qualified. Being a solicitor can involve long hours and sometimes low pay. Research what your ideal role pays, and be prepared for the job.
Getting qualifications necessary to become a solicitor can be costly
An LPC can cost up to £10,000. You need to plan on where you are going to get the funds to do this. Find out about the different types of funding.
You should use your summers effectively
If you are still a student, go ahead and get some legal experience. Try to get paid for it. It not only looks good on your CV and may get you some instant cash, but it might lead to a future training contract.
You should plan your training contract
The longer you leave off planning your training contract, the more opportunities you will miss. These can be training contract deadlines, scholarships and paid placements. Some firms offer sponsorships, but you need to apply for these training contracts at least two years in advance!
Voluntary work is an investment
Pro bono work shows that you are committed to working as a lawyer and are willing to devote your own time to the profession. It is great experience and will open up opportunities for you.
You can talk to your bank
Many banks look positively on people who are going to become lawyers. Don’t be shy: ring the banks and be sure to set an appointment to discuss your finances with someone in the know. Just remember they are businesses and not your friends!
You should be realistic about money
Being a lawyer is competitive and you’ll need to work hard to get what you want. However, it means that if you realise this and prepare accordingly by getting your applications in before the deadlines, research the firm and plan your vocational courses accordingly, you should find a way to make it happen. Follow a plan and stick to it - budgeting for your future becomes easier with a set timescale in mind.