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FINANCE
Introduction
Studying law can be costly. On average, the National Union of Students consider that a student on leaving university already has incurred more than £20,000 of debt. To qualify as a solicitor or barrister 1 or 2 further years study is required before paid work can begin. Legal Executives are in a much better position as they ‘earn while they learn’ and course fees are significantly lower.
Before considering a career as a solicitor or barrister it is essential to look at the cost of qualification and whether there is any funding available.
Cost of the courses
There are a variety of course providers for the vocational courses which form part of the qualification as either a solicitor or barrister.
Solicitors have to study the Legal Practice course and if they have a non-law degree they also need to take the Graduate Diploma in Law. Both courses last 1 year full-time or 2 years part-time.
Barristers have to undertake the bar vocational course and if they have a non-law degree, they also have to study the Graduate Diploma in Law. Both courses last 1 year full-time or 2 years part-time.
The cost of the courses vary depending on the course provider. Below is a table which sets out the range of fees currently charged for each course.
Course Title |
Full-time Fees (Approx)
Amount varies depending on
the
course provider |
Part-Time Fees (Approx)
Amount varies depending on
the
course provider
|
Graduate Diploma in Law |
£2,500 - £7,000 |
£1,250 - £3,575 |
Legal Practice Course |
£5,600 - £9,800 |
£2,800 - £4,900 |
Bar Vocational Course |
£8,495 - £12,275 |
£4,550 - £6,135 |
It also must be remembered that, in addition to the course fees, there will be living expenses which will be incurred during the period of study of approximately £6,000. Many students live at home during this time to minimise living expenses.
Funding
There are a variety of ways in which students can fund their course fees and also there is limited opportunity to gain a maintenance grant for living expenses. The various opportunities are summarised in the table below:
Type of Funding |
Details of Funding |
Sponsorship |
Large law firms often pay for the course fees for the Legal Practice course. A grant or loan is also provided for the Graduate Diploma in Law.
In addition some large law firms provide a maintenance grant of up to £5,000. Such sponsorship is only given to those students who have accepted a training contract with the sponsoring firm.
Smaller law firms may provide a loan towards the cost of the Legal Practice course fees to their future trainees - which is paid back to the firm when the student starts their training contract.
Most barristers’ chambers are not as generous as law firms but some will advance money to students of the Bar Vocational Course who they have accepted for pupillage.
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Loan Schemes |
High street banks are a major source of finance for those considering a career in law.
Several banks offer special schemes for the Graduate Diploma in Law, the Legal Practice Course, and the Bar Vocational Course with discounted interest rates and deferred repayment options.
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Career Development Loans |
Offered by Barclays, Co-operative Bank and the Royal Bank of Scotland on behalf of the Government. A total of £8,000 can be borrowed. No interest is charged until after the course is finished, when repayments also begin.
Further information:
http://www.lifelonglearning.co.uk
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Bursary Schemes |
For those who take the full-time route, there are bursary schemes run by the Law Society (for solicitors), the Inns of Court (for barristers) and on a reduced scale by some trusts and charities (see The Grants Register from Palgrave Macmillan or The Directory of Grant Making Trusts from the Charities Aid Foundation).
Occasionally some help may also be forthcoming from law schools: in particular, the College of Law has a loan scheme with Natwest Bank while some institutions have hardship funds to help those who get into difficulties once a course has begun.
Further information:
http://www.support4learning.org.uk
http://www.egas-online.org.uk
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