What are your career options if you don’t want to pursue a training contract?
Kelly Loydon is a Consultant at Shilton Sharpe Quarry. the specialist legal search consultants. She recruits lawyers at all levels of seniority as well as paralegals and other non-qualified legal professionals.
The job market for law graduates is as competitive as ever and many graduates find it extremely difficult to find a training contract. This has led to many turning towards paralegal positions and other non-qualified legal roles.
Career paralegals are popular in the US and this trend is now emerging in the UK, particularly within financial services, including institutions like investment banks, funds, asset managers and insurance companies.
Opportunities for paralegals within Financial Services
Many paralegals within this sector will be the only paralegal within a small legal team and will often hold a high level of responsibility. Many funds paralegals will find themselves negotiating IMAs, NDAs and third party contracts which would normally be carried out by a junior lawyer. Some paralegals may also find themselves getting offered a training contract so it can be a great way to get yourself noticed.
Paralegals within the Financial Services sector can earn from £30,000 on entry, which can increase to £80,000 in some specialist areas.
Compliance and Company Secretarial sector
Many individuals are finding that choosing a career in compliance or company secretarial is a lucrative alternative to the traditional route of a training contract.
Many skills required in law are similar to those required in a compliance career. As a Compliance Analyst you would be responsible for ensuring the company’s code of ethics is adhered to as well as industry regulations.
As a Company Secretary you will be responsible to the Board for certain tasks stipulated by the Companies Act. You will need to keep up to date with company legislation which allows you to maintain a connection with the legal side of the business.