Latest figures, based on HMRC tax returns, reveal that the total earnings of barristers as a profession have risen to £1.5 billion, up 5% on the year previous. The average income of an individual barrister has also increased to £118,000, up from £108,000 in 2014.
As the economy recovers there is an increasing amount of high paying work available to barristers specialising in commercial litigation and this is thought to be a key reason behind the rise in total earnings.
Our Managing Director, Peter Alderson comments that despite many of the profession experiencing increased incomes those in areas such as criminal law may not have been so lucky. Over recent years heavy cuts to legal aid funding suggests that barristers may have actually experienced significant income reductions as the gap between corporate and criminal law widens.
Peter adds that even when earnings have risen barristers’ still may need financial support. Barristers are taxed on what they charge their clients’ rather than the payments they receive and will still have difficulties budgeting for large tax bills, even with their increase in earnings.
We offer a range of finance solutions designed for barristers to help protect themselves against volatile cash flows.
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