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Turning 30 is a significant milestone, especially for legal professionals in the UK.
By this age, many solicitors, barristers, and other legal experts have begun top establish their careers, gained valuable experience, and started to see the fruits of their hard work.
But how do you know if you’re truly doing well financially? For legal professionals, financial success isn’t just about earning a high salary—it’s about managing your money wisely, planning for the future, and achieving financial stability.
Here are the key signs that you’re on the right track financially at 30, backed by real statistics and studies.
One of the clearest signs of financial health is having an emergency fund. According to a 2023 study by the Money and Pensions Service, only 47% of UK adults have enough savings to cover three months of essential expenses. Legal professionals often face unpredictable workloads and expenses, so having 3-6 months’ worth of living expenses saved up is a strong indicator that you’re managing your finances well.
This buffer can help you navigate unexpected events, such as a career transition or a sudden expense, without derailing your financial goals.
As Legal Futures reports, six out of ten lawyers felt pressure to spend money beyond their means, with this proportion rising to three-quarters for junior lawyers.
While legal professionals often earn above-average salaries, it’s easy to fall into the trap of lifestyle inflation. According to the ONS, the median salary for solicitors in the UK is £62,000, but living costs in cities like London can quickly erode this. If you’re living within your means, avoiding unnecessary debt, and prioritising savings and investments over extravagant spending, you’re demonstrating financial maturity.
Budgeting is essential for managing irregular incomes, especially for barristers. A 2023 survey by YouGov found that 62% of UK adults struggle to stick to a budget. On top of having a budget in place which works for you, you are not afraid to reflect on your budget and review your current position to where you believe you ought to be.
By 30, consistent saving and investing are key to financial growth. A 2022 study by the Office for National Statistics (ONS) revealed that 58% of UK adults under 35 have some form of savings, but only 34% invest in stocks or funds.
One of the most common savings vehicles is your pension.
The legal profession in the UK often comes with attractive pension schemes, especially for those working in law firms or the public sector. According to the Law Society’s 2022 report, 87% of solicitors are enrolled in workplace pension schemes, with many benefiting from employer contributions. By 30, many legal professionals should have a growing pension pot, thanks to compound interest and regular contributions. The Office for National Statistics (ONS) reports that the average pension wealth for UK households is £236,000, but starting early can significantly boost this figure.
Many legal professionals graduate with significant student debt, and some may have taken on additional loans for professional qualifications like the LPC or BPTC. The Student Loans Company reports that the average student debt in England is £45,000. If you’re making consistent repayments and have a plan to clear your debt, you’re in a good position.
A 2020 study by the Law Society revealed that 35% of solicitors under the age of 30 reported using credit cards to cover essential living expenses, such as rent or bills, due to high living costs in the early stages of their careers. This compounded with the Legal Futures report indicates a concerning trend of UK lawyers having an unhealthy relationship with credit.
If you are able to avoid being dependent on credit facilities, you are putting yourself in a really strong position. That said, if you presently depend on credit, there is nothing to worry about, an effective debt management plan, can get you out of this habit and help you develop a healthy habbit of saving.
Financial success isn’t just about where you are today—it’s about where you’re headed. A study by Royal London found that 62% of UK adults feel more financially secure when they have a clear financial plan. If you have a plan that includes short-term goals (like saving for a house deposit) and long-term goals (like retirement or financial independence), you’re in a strong position. Many legal professionals work with financial advisors to create tailored plans that align with their career trajectory and lifestyle.
Finally, one of the most important signs of financial success is how you feel about your situation. A 2023 study by Lloyds Bank found that 68% of UK adults feel confident about their financial future when they have a clear plan and manageable debt. If you’re confident in your ability to handle financial challenges, achieve your goals, and maintain your lifestyle, you’re likely in a strong position. Financial well-being isn’t just about numbers—it’s about peace of mind.
For legal professionals in the UK, doing well financially at 30 is about more than just earning a good salary—it’s about making smart decisions, planning for the future, and maintaining financial discipline. If you’ve achieved some or all of the signs listed above, you’re on the right path. If not, don’t worry—30 is still young, and there’s plenty of time to take control of your finances and build a secure future.
By focusing on savings, investments, and long-term planning, you can ensure that your financial health continues to grow alongside your legal career. After all, financial success is one of the best ways to support both your professional ambitions and personal aspirations.