Students turn to law as finance falls from grace

The number of law students seeking to pursue a non-legal career has fallen over the last two years, as the collapse of the financial markets drives students away from lucrative jobs such as banking.

Research by Legal Week's research arm Legal Week Intelligence in association with BPP Law School found that the number of law students looking to move away from the legal profession when they leave university has fallen from 18% in 2007 to 13% in 2009.

The survey highlights the impact the problems in the banking sector have had on perceptions of the financial services industry as a career, with only 17% of the 2,500+ students canvassed also considering working in investment banking, down from 25% two years ago.

Overall, 50% of undergraduates want to be solicitors, 16% want to be barristers and 22% would be happy with either option. These figures alter for Oxbridge, where 31% want to go to the Bar compared with 15% at red brick universities.

The main career alternatives for prospective lawyers were the civil service and teaching/academia (22% each), media and marketing (19%) and management consultancy. For those not intending to qualify as lawyers, the civil service (48%) and academia/teaching (40%) are the most popular options.

Linklaters training partner Euan Clarke commented: "It is inevitable that students who would historically have been drawn to banking or financial services are looking to alternatives."

Olswang human resources director Ffion Griffith (pictured) said: "Law remains a safe bet for people to enter as a profession, whether or not you decide to stick with it long term. It provides a great platform and gives you insight into so many angles of business."

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For a executive summary of the Law Student Report 2009, click here.

For further details please contact Paul Birk on 0207 316 9864 or email paul.birk@incisivemedia.com