Previous Page  98 / 432 Next Page
Information
Show Menu
Previous Page 98 / 432 Next Page
Page Background

GAZETTE

M

W H

APRIL 1994

A r e We Over -Paid?

The Younger Members Committee

carried out a salary survey in April,

1993 of all solicitors who qualified

within the last seven years. There

were 240 replies to the survey with

46% of replies from Dublin and 54%

from the rest of the country. It is

estimated that there are approximately

1,000 solicitors in practice who have

qualified within the relevant seven

year period.

Most of the solicitors who responded

were employed as assistant solicitors

in a firm in the first five years after

qualification. These solicitors were

paid an average gross salary of

£13,000.00 in the first year after

qualification. This is broadly in line

with the Law Society's recommended

salary for assistant solicitors, although

it was noted from the survey that

some solicitors were paid as little as

£5,000 to £7,000 in their first year of

qualification. There appears to be a

gradual increase in salary for

employed solicitors over the first five

years of their employment. Those who

are promoted to a partnership with the

first five years tend to earn somewhat

more, in some cases as much as

£25,000 by the fifth year after

qualification.

The results of the survey indicate that

about 10% of those replying were

self-employed or partners in a firm.

Of those 10% approximately 25%

became self-employed by starting

their own practice. 50% were

promoted within a firm, 20% inherited

a practice and the balance bought out

j

a practice. Therefore, only 2.5% of the

solicitors who responded had actually

set up their own practice within five

years of qualification.

The survey showed that in the first

year after setting up a practice, a

solicitor earned a gross salary of less

than £10,000.00. This salary appears

to have increased gradually over the

years and after five years rose on

average to between £17,000.00 and

£20,000.00, but against this it has

been estimated that the start up costs

!

for someone setting up in practice on

j

their own are not less than

I

£15,000.00 - £20,000.00 (excluding

salary).

Those few who were brave enough to

buy out a practice from another

solicitor also appear to have fared

slightly better than the employed

solicitor, in that they had an average

starting salary in the region of

£18,000.00 in the first year after the

practice is bought out. However,

presumably the cost of borrowing to

buy the practice must also be taken

into account.

This survey gives a rough guide to

what may be expected in the first five

years of qualification. When one takes

into account the costs of getting

through university and the

apprenticeship system, it is clear that

for the majority of newly-qualified

solicitors the legal profession is no

gravy train.

Younger Members

Committee

Having held its first social event of

the year on the 21 January, the 110th

session of SADSI is well underway!

The "Poxy Dress Dance" in

Monkstown RFC was an "unbridled"

success, with a particularly large

motley crew of apprentices present!!

As you will have noted from Auditor

Philippa Howley 's

recent letter, many

more events are scheduled for the near

future. Check your letter and watch

this space! One such event is the

upcoming Ceili night on 15 April.

Any traditional musicians out there

are invited to play either individually

or as a group. If interested,

contact

Robert Boland

at

(01)6715522.

With the ever-increasing number of

S A D S I N e w s

solicitors' apprentices, and the

problems which they are bound to

face from time to time, remember that

SADSI is YOUR representative body.

In this regard,

John Menton

as

SADSI's Education Officer is now a

voting member of the Education

Advisory Committee. If there are any

issues which you feel should be raised

on your behalf at these meetings,

please contact John at (01) 6764661

or Philippa at (01)6763721.

Presently, SADSI are compiling the

accommodation register to help

apprentices seeking short term

accommodation while attending

courses at Blackhall Place. This has

proved to be a great success with

previous courses and is being updated

with the March/August courses

specifically in mind. Anyone who has

accommodation to offer or who is

seeking accommodation should

contact

Fidelma McManus

at (01)

6763721.

Through this column, SADSI hopes to

keep you informed of all matters

relevant to apprentices. As your

Society, we invite any articles,

submissions or items of news which

you would like featured on this page.

Ideas or suggestions you may have in

relation to events or the running

of the society are most welcome and

should be sent to:

Barbara

Loftus

(Fax 096-22336) or

Paul Lavery

(Fax 01-8290010). See you next

month!

Barbara Loftus and Paul Lavery.

74