Fact. The cost of training as a lawyer is becoming increasingly expensive.
Indeed, thanks to next year’s rise in university tuition fees and banks’ reluctance to lend to post grad students a career in law may be just an unachievable dream for those of you who simply can’t turn to the bank of mummy and daddy.
Thankfully, however, there was some good news earlier this week for aspiring barristers struggling to raise sufficient funds to pay for the Bar Professional Training Course (BPTC). As we reported on Monday HSBC has decided to re-instate its BPTC loan (read more).
The loan, which was launched following a recommendation in Lord Neuberger’s high-profile 2007 report on widening access to the bar, was suspended last November while the banking giant carried out a full-scale review of the product.
However, HSBC has now confirmed that it will be re-launching the loan very soon though it would not divulge any details such as the rate of interest or the length of any repayment holidays.
But not everyone is happy with HSBC’s decision to reinstate its bar loan with a number of Lawyer2B.com readers posting comments warning students against getting into so much debt when the chances of securing a pupillage are so slim. One poster went as far as describing anyone who opts to borrow so much money as “plain stupid.”
Plain stupid or not debt is something every aspiring lawyer is going to have to confront, especially those who do not have alternative sources of funding such as law firm sponsorship.
The level of debt you are prepared to take on, however, is something each of you will have to deal with individually. And for those of you who are currently faced with such a dilemma do not forget that not all lawyers earn mega bucks.
Incidentally, don’t forget to vote on our latest poll, which deals with this very issue.