Introduction to a career in law

Overview

The legal sector is a real challenge, with constant change and a variety of different avenues available to graduates.  It’s true that there are often long hours, demanding clients and strict deadlines but if you want the satisfaction of working on stimulating and often ground-breaking projects then considering a career in the law is a good option.

With a strong degree, some work experience and sufficient motivation, any LSE student should feel as well-equipped to enter and progress in the profession in the UK or overseas.

LSE Careers works closely with many law firms, barristers’ chambers and businesses who offer opportunities to students and graduates interested in pursuing the law – we host an annual Law Fair and Careers at the Bar evening alongside employer-led seminars on campus and in firms’ offices.

These pages are designed to provide an overview of different entry points and their associated training as well as an understanding of the current legal market.  Keep an eye on LSE CareerHub for the latest opportunities, events and resources in the sector.

Legal landscape

The legal market is worth £22.6bn to the UK economy (1.6% of total GDP) and has continued to adapt in recent years to fit the globalised world in which we now live.  The Legal Services Act of 2007 ushered in a series of changes including new alternative business structures (ABSs) and the ability for firms to issue shares to external investors.  Coupled with a trend for firms to look at legal process outsourcing, off-shoring and near-sourcing it has meant significant changes to the legal landscape in the past decade.  Equally the full impact of the Act upon the Independent Bar is yet to be fully recognised so it’s advisable to be up-to-speed on current issues to decide whether a career in the law is really for you.

Law firms and the wider legal sector also weren’t immune to the impact of the 2008-2013 global recession with the a new emphasis on profitability and commerciality leading to the disappearance of some large names (Dewey & LeBoeuf, Halliwells) and other cost pressures forcing many to revisit their business models, cutting trainee numbers and hiring more paralegals as some large corporates bring their legal services ‘in-house’.

Today in 2015, five of the top ten law firms by revenue globally remain headquartered in London, and the city remains the world's most competitive legal market, accounting for 7% of global law firms' revenue.  However, over 200 foreign law firms have offices in the UK and much work is now cross-jurisdictional and the increasing dominance of US firms within the European market and firms expanding into the BRIC countries may create a new dimension as the markets in India and China look to liberalise their regulations.

Developments in technology are having a significant impact on how larger firms operate as they pursue desires to offer a full-service operation in all jurisdictions.  Major mergers, particularly in North America, the Asia-Pacific and Oceania (and more recently South America) have allowed firms to have ‘global footprints’ which did not exist even five years ago.  Indeed, the merger in January 2015 of Dentons and Dacheng Law Offices has created the world’s largest law firm with over 6,500 lawyers globally.

The Bar has been affected by how the Crown Prosecution Service (CPS) buys advocacy services and by significant cuts in legal aid funding; in particular, the Criminal Bar is under pressure from solicitor advocates who appear increasingly in Crown Court, taking work from criminal barristers and the junior bar.  However, barristers continue to provide an essential aspect to our legal system and civil, commercial and employment litigators have done better than those in other areas.

As of May 2015, there are 167,503 solicitors (Solicitors Regulation Authority) in practice with 15,716 barristers (Bar Standards Board) and around 133,000 employed in patent, copyright  and other legal activities.  Over the last decade the numbers of female solicitors has risen by 86% and UK law firms' total intake currently totals over 700 in aggregate - about 5% of the total graduate recruitment in 2013 (Legal Services).

Useful links

Further information

Solicitors

Barristers

Ancilliary Legal Professions

Links to external sites

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