Dez Derry, CEO at mmadigital says law graduate should consider a career in claims.
A Choice for Law.
It’s no secret that law graduates are some of the hardest working, most committed, and not to mention, among the highest achieving university applicants. It must be shocking, then, to learn that on average over half struggle to find work at all after graduating, making law grads the least employable graduate group across all subjects.
More than 21,000 new law graduates contribute to the UK’s pool of legal sector job seekers each year. And with each year of graduates supposedly outperforming the last academically, the legal sector is becoming more and more competitive, pitting as many as 28 law graduates to each legal sector vacancy in 2017!
Data collected from the UK’s most recent graduates by HESA (Higher Education Statistics Agency) and NSS (National Student Statistics) illustrates the UK’s saturated job market – and it reveals that the odds are stacked against law students. While the average graduate has a 48 per cent chance of gaining employment in professional services, just 28 per cent of law graduates have been successful gaining employment in this sector on account of learning relatively specific skills and knowledge during their studies.
In fact, 78-92 per cent of law graduates who responded to HESA’s survey acknowledged that they would be confident to use those skills in a professional environment. Far fewer arts, humanities and engineering students felt the same way. This data highlights a clear need to create new and alternative opportunities in the law industry, allowing law graduates to pursue a career in their chosen field so that they can develop their skills further.
Furthermore, CIPD data shows that law graduates earn comparatively lower salaries than their subject peers. 92 per cent of law graduates will earn less than the average graduate starting salary of £19,000 in their first role regardless of their performance at university. In comparison, only 69 per cent of social studies graduates, 74 per cent of computer science graduates and 57 per cent of education studies graduates accept offers below the average graduate salary. With this in mind, it may not be surprising that many law graduates choose to abandon a career in law and retrain in a new career. However, there are alternative career paths available.
The claims sector benefits significantly from law graduates’ knowledge of specific laws, legal procedures and critical analysis to assess the value of inbound claims for legal practices. Normally, legal specialists can carry out a considerable amount of work on a case to determine whether it should be pursued or disqualified on the grounds of invalidity. Many cases require an in-depth knowledge of the law to accurately assess and involving law graduates in the initial stages to validate claims adds significant value to law firms, as it ensures that specialists’ billable time is used wisely. Similarly, law gradates can put skills and specific sector knowledge to practice, which can support employment routes to the legal sector or lead to a fulfilling alternative career in claims.