Rise in number of training contracts

In 2014-15, the number of contracts increased from 5,001 to 5,457, which represented a rise of over 9% on the previous year.  This is still down from the all time high (6,303 in 2008), but signs of growth are extremely encouraging for the sector.

Further to this, just over half of training contracts are based in the capital, with 51.5% of new solicitors taking up residence in London to begin their legal careers, and over a third of all contracts being offered by City firms, such as the magic and silver circles.

And, in news which will delight the industry, it shows the gender gap continuing to close – 51.2% of practicing solicitors are male, and 48.8% are female – rising from 40.5% in 2006. In other equality figures released, representation of Black Asian and Minority Ethnic (BAME) solicitors has more than doubled since the turn of the millennium, now standing at 15.5%.

Law Society chief executive Catherine Dixon stated: “The legal sector contributes £25.7bn to the economy each year, with net exports now at £3.6bn per annum, so the growth in the sector indicated by our research is great news for the UK.

“Diversity is improving, with the proportion of BAME solicitors continuing to grow and more women than men entering the profession. However, the gender and ethnicity gap at a more senior level continues,” she added.