Latest news with #LPC
New York Post
2 days ago
- Entertainment
- New York Post
Your significant other could be ‘pocketing' you — and you might not even realize it
Today's digital dating world is full of flaky, non-committal people. And unfortunately, what comes with that is a sea of single people dating someone they have a connection with, but keeping it a secret. If you have a hunch that your lover is purposely not posting you on their Instagram feed, not bringing you along to Aunt Debbie's birthday party, or avoiding you meeting their friends — they're most likely 'pocketing' you. While it's hurtful to be on the receiving end of this, experts say being pocketed is not always something personal against you. Advertisement Experts say there are a variety of reasons why someone might be 'pocketing' you. georgerudy – 'While pocketing can be frustrating and hurt the trust in a relationship, there are plenty of reasons why someone is pocketing,' Amanda E. White, LPC told Women's Health in an interview. 'It could be out of fear, it could be because of past relationships that didn't work out. It doesn't necessarily mean that they're not into you or that the relationship has no hope.' Advertisement As contrary as it sounds, 'Dr. Chloe' Carmichael told the outlet that sometimes, if someone is holding out on bringing the person they're dating into their world, it could be because they like them and aren't sure how best to handle their feelings. '…sometimes people really just want to tread lightly while a relationship is in a new or delicate stage,' Dr. Carmichael explains. On the other hand, you could also be dating someone who wants to be sneaky and act single so they could date around. That seems to be the case for one woman who shared her conflicting pocketing situation on Reddit to seek advice from strangers. Advertisement '[My boyfriend and I] have been together for 4 years, live together, and have talked about many future plans,' the OP wrote. 'We are, on paper, a secure long-term couple. But my boyfriend confuses me about what I am for him when he denies me spending time with him and his family during important family events, and I have literally never met his friends (at all).' Realizing you're being 'pocketed' in your relationship could be hurtful. motortion – Yikes. Advertisement 'Each time we have had conversations about this, they end in arguments,' she wrote. 'The reasons are ALWAYS different on why I can't go, and 90% of those reasons have a solid solution. I've seen my boyfriend work around plans to make something work, but when it comes to his PERSONAL LIFE, that's a no.' As expected, the comment section was flooded with people pointing out the obvious to this distressed girlfriend. 'Sounds like he's hiding something, or wants to hide you,' one comment read. 'Whatever the reason for it is, it's not good. He most likely either is embarrassed or thinks he can do better,' another user chimed in. If this Reddit story hits close to home, experts suggest talking to your partner about it. 'Ask with curiosity, rather than accusation,' White says. 'Make it clear from the start that you're not judging them; you're just curious about the situation.' Use phrases like, 'This is something I noticed' or 'The story I'm telling myself is X, am I reading things right?'' added Carmichael.
Yahoo
06-06-2025
- Health
- Yahoo
Your Brain Wrinkles Are Way More Important Than We Ever Realized
The folds and ridges of the human brain are more complex than any other in the animal kingdom, and a new study shows that this complexity may be linked to the brain's level of connectivity and our reasoning abilities. Research led by a team from the University of California, Berkeley (UC Berkeley) looked at the brain shapes and neural activity of 43 young people, and in particular the lateral prefrontal cortex (LPFC) and lateral parietal cortex (LPC) – parts of the brain that handle reasoning and high-level cognition. The grooves and folds on the brain are known as sulci, with the smallest grooves known as tertiary sulci. These are the last to form as the brain grows, and the research team wanted to see how these grooves related to cognition. "The hypothesis is that the formation of sulci leads to shortened distances between connected brain regions, which could lead to increased neural efficiency, and then, in turn, individual differences in improved cognition with translational applications," says neuroscientist Kevin Weiner, from UC Berkeley. The analysis revealed each sulci had its own distinct connectivity pattern, and that the physical structure of some of these grooves was linked to the level of communication between brain areas – and not just areas that were close to each other. It adds to the findings of a 2021 study carried out by some of the same researchers, which found the depth of certain sulci are associated with cognitive reasoning. Now we have more data to help scientists understand why that might be. Between 60 and 70 percent of the brain's cortex (or outer layer) is hidden away inside folds, and these patterns change with age too. Tertiary sulci can vary significantly between individuals as well. "While sulci can change over development, getting deeper or shallower and developing thinner or thicker gray matter – probably in ways that depend on experience – our particular configuration of sulci is a stable individual difference: their size, shape, location and even, for a few sulci, whether they're present or absent," says neuroscientist Silvia Bunge, from UC Berkeley. It's clear from this research that the peaks and valleys of these brain structures are much more important than previously realized. They're not just random folds used to pack brains inside skulls – and may have evolved in certain directions over time. Going forward, the researchers have big plans when it comes to studying brain grooves. Eventually, it's possible that a map of these sulci could help in assessing brain development in children and spotting neurological disorders. There's a lot more work to do before that can happen though, and the researchers are emphasizing that brain fold length and depth are just two of many factors involved when it comes to our cognitive abilities. "Cognitive function depends on variability in a variety of anatomical and functional features," says Bunge. "Importantly, we know that experience, like quality of schooling, plays a powerful role in shaping an individual's cognitive trajectory, and that it is malleable, even in adulthood." The research has been published in the Journal of Neuroscience. Something Strange Happens to Your Eyes When You're Sexually Aroused 2-Year-Old Prodigy Joins 'High IQ' Club Mensa as Youngest Member Ever Traces of Mysterious Ancient Human Population Discovered in Colombia
Yahoo
05-06-2025
- Business
- Yahoo
Lorne Park Capital Partners Announces Going Private Transaction
Shareholders to receive $2.23 in cash per share, representing a premium of 41.1% over the last closing price on June 4, 2025 and 52.1% over the 20-day volume-weighted average trading price Offer values Lorne Park's equity at approximately $126.8M Chief Executive Officer Robert Sewell will continue to lead Lorne Park, with the continued support of existing management team Transaction was unanimously approved by a special committee of independent members of Lorne Park's Board of Directors Toronto, Ontario--(Newsfile Corp. - June 5, 2025) - Lorne Park Capital Partners Inc. (TSXV: LPC) ("Lorne Park" or the "Company") announced that it has today entered into a definitive arrangement agreement (the "Arrangement Agreement") pursuant to which an affiliate (the "Purchaser") of Sagard Private Equity Canada ("SPEC") will acquire all of the issued and outstanding shares of the Company (the "Shares") and take Lorne Park private in a transaction that values Lorne Park's equity at approximately $126.8M (the "Transaction"). Following the closing of the Transaction, Robert Sewell and the rest of the Company's current management team will continue to lead the Company. The Company will continue to be majority owned by management and advisors, and there will be no change in the Company's vision, strategy, or commitment to best in class client and advisor experience following the Transaction. All issued and outstanding Shares will be acquired for cash consideration equal to $2.23 per Share in cash, other than Shares held by members of senior management and certain advisors of Lorne Park (the "Rollover Shareholders") who enter into equity rollover agreements as further detailed below. The purchase price represents a premium of approximately 41.1% over the last closing price on the TSX Venture Exchange (the "TSXV") on June 4, 2025 and 52.1% over the 20-day volume-weighted average trading price on the TSXV. The Transaction will provide immediate liquidity to shareholders while establishing a strategic partner for Lorne Park to execute its long-term growth strategy. Lorne Park's Board of Directors, with interested directors abstaining, is unanimously recommending that Lorne Park shareholders vote in favor of the Transaction. The recommendation follows the unanimous recommendation of a special committee of the Board, comprised solely of independent directors, that was formed in connection with the Transaction (the "Special Committee"). "This Transaction, with its significant cash premium, represents an exceptional outcome for Lorne Park shareholders and provides certainty to shareholders while Lorne Park pursues its ongoing transformation," said Christopher Dingle, Lorne Park's Chairman and Chair of the Special Committee. "Sagard Private Equity Canada brings unique mid-market experience and exceptional resources, including an extensive network of business relationships, which will strengthen our ability to serve clients and support the accelerated growth of our team," said Robert Sewell, Lorne Park's Chief Executive Officer. "With this partnership, Lorne Park is better positioned then ever to deliver exceptional service and innovative solutions to our clients in both Canada and the USA." "Our fund invests in strong middle market Canadian companies, and we have built strong conviction with Lorne Park's vision, strategy, and management team. We are looking forward to partner with its leadership team to continue building a best-in-class wealth management platform and supporting the company's long-term growth plans", said Marie-Claude Boisvert, Partner and Head of Sagard Private Equity Canada. Transaction and Shareholder Meeting Details The Transaction will be implemented by way of a plan of arrangement under the Business Corporations Act (Ontario) and will be subject to shareholder approval at a special meeting of Lorne Park shareholders to be held to consider the Transaction (the "Special Meeting"). Required shareholder approval for the Transaction will consist of at least (i) 66⅔ per cent of the votes cast by shareholders at the Special Meeting, and (ii) a simple majority of the votes cast by shareholders at the Special Meeting, excluding votes from Rollover Shareholders and any other shareholders required to be excluded under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company expects to hold the Special Meeting in August 2025 and to mail the management information circular for the Special Meeting (the "Circular") in July 2025. The Transaction is also subject to court approval, regulatory clearances and other closing conditions. The Transaction is not subject to any financing condition and, assuming the timely receipt of all required regulatory approvals, is expected to close in the third quarter of 2025. Lorne Park's directors and executive officers (or entities controlled by them) and Rollover Shareholders holding an aggregate of 36,743,358 Shares, representing approximately 67.2% of voting rights attached to the outstanding Shares, have entered into voting and support agreements with the Purchaser agreeing to vote their shares in favor of the Transaction, subject to the terms thereof. In the case of Mr. Robert Sewell and Mr. Stephen Meehan, who have indicated that they are only prepared to partner with SPEC and are not prepared to pursue any other transaction, the voting and support agreements are irrevocable, subject to limited exceptions, for a period of 7 months following the date hereof. The Arrangement Agreement includes customary terms and conditions, including a non-solicitation covenant on the part of Lorne Park, which is subject to "fiduciary out" provisions that enable Lorne Park to terminate the Arrangement Agreement in certain circumstances, subject to the Purchaser having a right to match any third-party superior proposal. A termination fee of $4,875,100 would be payable by Lorne Park to the Purchaser in certain circumstances, including termination of the agreement by Lorne Park in the context of a superior proposal. A reverse termination fee of $4,875,100 is payable by the Purchaser to Lorne Park if the Transaction is not completed in certain circumstances. The Arrangement Agreement also provides for payment by Lorne Park to the Company of an expense reimbursement fee if the Arrangement Agreement is terminated in certain specified circumstances. The Rollover Shareholders will roll certain of their Shares (including Shares issuable upon the exercise of stock options) for shares of the Purchaser. All rollovers will occur at a value equal to the cash purchase price per Share. Further details will be provided in the Circular. Following completion of the Transaction, it is expected that the Shares will be delisted from the TSXV and that Lorne Park will cease to be a reporting issuer in all applicable Canadian jurisdictions. Board and Special Committee Recommendation and Fairness Opinion The Arrangement Agreement was approved unanimously by the Board (with interested directors abstaining from voting) after taking into account, among other things, the unanimous recommendation of the Special Committee. The Special Committee and the Board (with the abstention of interested directors) determined that the Transaction is in the best interests of the Company and the Board is recommending that Lorne Park shareholders vote in favor of the Transaction. In arriving at its unanimous recommendation in favor of the Transaction, the Special Committee considered several factors, including the opinion of KPMG Canada ("KPMG") to the effect that, as of the date thereof and subject to the assumptions, limitations and qualifications therein, the consideration to be received by Lorne Park shareholders (other than the Rollover Shareholders) pursuant to the Transaction is fair, from a financial point of view, to such shareholders. The Transaction is exempt from the formal valuation requirement of MI 61-101 as no securities of the Company are listed on a specified stock exchange. A copy of the written fairness opinion, as well as additional details regarding the terms and conditions of the definitive agreement and Transaction and the rationale for the recommendations made by the Special Committee and the Board of Directors, will be included in the Circular. The summaries of the Arrangement Agreement and voting and support agreements in this press release are qualified in their entirety by the provisions of those agreements. Copies of the definitive agreement and voting and support agreements and, when finalized, the meeting materials will be filed under Lorne Park's profile on SEDAR+ at Advisors BMO Capital Markets is acting as financial advisor to the Company. KPMG is acting as financial advisor to the Special Committee. KPMG was paid a fixed fee for its services and is not entitled to any fee that is contingent on the successful completion of the Transaction. WeirFoulds LLP is serving as legal advisor to the Company and the Special Committee. Cassels Brock & Blackwell LLP is acting as legal advisor to management Rollover Shareholders. RBC Capital Markets is acting as financial advisor to SPEC and the Purchaser and Stikeman Elliott LLP is serving as legal advisor to SPEC and the Purchaser. Early Warning Disclosure pursuant to National Instrument 62-103 Further to the requirements of National Instrument 62-104 - Take-Over Bids and Issuer Bids and National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, Mr. Robert Sewell, 1295 Cornwall Road, Unit A3, Oakville, Ontario, L6J7T5, will file an amended early warning report in connection with his participation in the Transaction as a Rollover Shareholder and for which he has entered into a voting and support agreement pursuant to which he has agreed, subject to the terms thereof, to support and vote all of his Common Shares in favour of the transaction. A copy of Mr. Sewell's related early warning report will be filed with the applicable securities commissions and will be made available on the Company's issuer profile on SEDAR+ at Further information and a copy of the early warning report of Mr. Sewell may be obtained by contacting: Robert Sewell, Chief Executive Officer, Lorne Park Capital Partners Inc., (905) 337-2227. Further to the requirements of National Instrument 62-104 - Take-Over Bids and Issuer Bids and National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, Mr. Stephen Meehan, 1295 Cornwall Road, Unit A3, Oakville, Ontario, L6J7T5, will file an amended early warning report in connection with his participation in the Transaction as a Rollover Shareholder and for which he has entered into a voting and support agreement pursuant to which he has agreed, subject to the terms thereof, to support and vote all of his Common Shares in favour of the transaction. A copy of Mr. Meehan's related early warning report will be filed with the applicable securities commissions and will be made available on the Company's issuer profile on SEDAR+ at Further information and a copy of the early warning report of Mr. Meehan may be obtained by contacting: Stephen Meehan, Director, Lorne Park Capital Partners Inc., (905) 337-2227. About Lorne Park Capital Partners Inc. Lorne Park was created to bring together boutique investment management and wealth advisory firms in order to deliver robust, cost-effective investment solutions to affluent investors, foundations, estates and trusts. Lorne Park's unique strategy creates better alignment between investment managers and wealth advisors while providing them with additional resources to accelerate their growth. About Sagard Private Equity Canada Sagard Private Equity Canada focuses on Canadian mid-market opportunities to help companies and their management team accelerate their growth trajectory in order to become Canadian champions and market leaders. With offices in Montreal and Toronto, SPEC concentrates on less cyclical sectors such as financial services, manufacturing, business services and services in which the team has deep industry knowledge. SPEC has an active pipeline bolstered by the broader Sagard ecosystem, a disciplined and focused screening approach, a data-driven investing thesis, and a proven due diligence process. Driven by a structured approach to value creation, SPEC generates value through organic growth, M&A, profitability and cash flow enhancement, talent and expertise, and disciplined monitoring. This strategy is underpinned by a shared vision and an experienced management team. For further information, please contact: Robert SewellChief Executive OfficerLorne Park Capital Partners 337-2227 Cautionary Notes Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release contains statements which constitute "forward-looking information" within the meaning of applicable securities laws. Forward-looking information may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", "plan", and other similar expressions. Forward looking information in this news release includes, without limitation, LPCP's objectives, goals and future plans. Forward-looking information addresses possible future events, conditions and financial performance based upon management's current expectations, estimates, projections and assumptions. In particular, the forward-looking information contained in this news release includes statements regarding the proposed Transaction, including the proposed timing and various steps contemplated in respect of the Transaction and approvals with respect thereto. Management of LPCP considers the assumptions on which the forward-looking information contained herein are based to be reasonable. However, by its very nature, forward-looking information inherently involves known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied by such information. Such risks include, without limitation, changes in economic conditions, applicable laws or regulations. Accordingly, readers are cautioned not to place undue reliance on forward-looking information. LPCP disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law. Immediately prior to the approval of the transaction, the Company also determined that it was advisable to proceed with the cancellation of 104,324 shares in the capital of the Company, which had previously issued to employees of the Company on January 31, 2025 pursuant to the Company's Employee Share Savings Plan and, in the case of issuances made to applicable reporting insiders, reported on the System for Electronic Disclosure by Insiders, for a consideration equal to the price at which the shares were initially issued. The cancellation was completed in accordance with applicable securities laws and is exempt from applicable formal valuation and minority approval requirements. /NOT FOR DISTRIBUTION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW/ To view the source version of this press release, please visit Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
04-06-2025
- Business
- Yahoo
‘I'm forking out £70k to become a lawyer, but the salary is a pittance'
Going into a white-collar profession, like law or engineering, has long guaranteed a lucrative and stable career. You would go to university to qualify for a specific job and be set for life – all with little or no student debt. But for young people entering the workforce now, the equation is less simple. Taking on the huge burden of student loans and any further qualification costs, while facing stagnant wages, means that the traditional professions, with their years of training and low pay, look far less enticing. Meanwhile, minimum wage is rising to around the same rate as graduate pay. Application numbers for practical degrees in traditional white-collar industries – law, accounting and finance, medicine and engineering – have increased in the past five years, with growth as much as 36pc. But some students are graduating to find that the 'easy' path to a white-collar career is now broken. Naomi Cicconie, 39, is an unusual law student. She served five years in the military before joining the prison service, and then worked in a children's home while she did her law degree at the University of South Wales. She has spent £54,000 on her degree, and will have to pay out a further £13,900 on the Legal Practice Certificate (LPC), which she is planning to start later this year. All in, that's nearly £70,000 just to qualify as a lawyer, not including living costs. The entry-level salary in Wales, where she lives and works, is around £22,000. Cicconie says that even once she is fully qualified, she'll likely earn between £28,000 and £42,000. 'You're spending all of this money to get a job [with a salary] that is under 50pc of what you've borrowed to qualify. It makes no sense,' she says. 'I am at a stage now where I am thinking to myself, 'What is the point?'' Corporate law comes with famously large salaries, especially for those working at American firms in the City, where those who have just qualified can expect to be paid as much as £180,000. But for most of those outside big cities, working in certain types of law, or in legal aid – a crucial aspect of the justice system which Cicconie works in – six-figure salaries are unthinkable. Cicconie says many of her colleagues have left, blaming low pay. She adds: 'I would say to anyone who is joining a bit later, and wants to get on with their career, don't go anywhere near [legal aid]. Unless you're lucky to be in the financial position where you don't have the stress of needing to earn a certain amount of money.' The economic situation for all young people is tough. The average graduate salary 15 months on from their studies, for those who graduated in 2022, was £27,500, according to the Higher Education Statistics Authority. In 2010, the average was £20,000 – if salaries had kept pace with inflation, they would now be more than £30,000. Pay for all full-time employees decreased by 2pc in real terms between 2010 and April last year, according to House of Commons research. For those aged between 22 and 29, it dropped by 10pc. And while average graduate pay has fallen in real terms by about 4pc over the past two decades, the minimum wage has risen by 60pc, according to analysis by the Resolution Foundation. It means that someone working full-time on minimum wage can earn £25,000 a year, similar to or higher than some graduate salaries. It found that 20 years ago, the median graduate starting out in their career earned around two-and-a-half times the minimum wage. Add to this the burden of student debt. University tuition fees are set to rise for the first time in eight years when the new academic year starts this September, from £9,250 to £9,535. The average graduate has a debt of more than £48,000, according to the Student Loans Company, and newer graduates face a more onerous repayment system, especially if they are what are considered high earners. Most professions require a university degree, unless they are on apprenticeship schemes – and many require extra qualifications, such as Cicconie's LPC, some of which have to be paid for out of the student's own pocket. Many legal firms now prefer the Solicitor's Qualifying Exam (SQE), which will cost a total of £4,908 from this September, having risen from £4,790. Even once a young professional has qualified, pay remains suppressed. Engineers, for example, are much less well-paid in the UK than the US, with an average salary of £37,000 compared to entry-level pay of $74,000 (£55,000) for American graduates, according to Glassdoor. Low pay is not the only problem. Working from home, quickly changing workplaces with badly organised training, and the threat of the rise of AI, all contribute to a sense of rising frustration. The chief executive of AI firm, Anthropic, has predicted that it will destroy half of all entry-level white-collar jobs in five years. Meanwhile, vacancy levels are back to pre-pandemic levels, according to the Recruitment and Employment Confederation, with a 5.5pc drop in openings compared to November last year. Demand for workers surged initially as the economy recovered from the pandemic, but has slowed down since. For some would-be white collar workers, getting into their desired profession has come with unexpected training and costly qualifications. One biochemistry graduate, who completed his undergraduate degree in 2022 and now works for the NHS in the north of England, says he's frustrated about poor communication about how much more training he would need. He needs a specific technical qualification, but there are only so many training positions available, for which you need to be sponsored. He explains: 'To do an Institute of Biomedical Science training portfolio, you have to be sponsored and in an approved laboratory. Usually by taking a trainee Band 5 position, of which there are naturally a limited number. 'This is incredibly frustrating as it bottlenecks the whole process and, for me at least, wasn't clearly explained at university. It feels like I'm banging my head against a brick wall.' Architects are among those who face years-long training requirements. After an undergraduate degree, a year in practice, and then a master's degree, young landscape architects also face a two-year process to gain 'chartered' status. And after having jumped through these various hurdles, and totted up years' worth of student debt, pay in architecture is notoriously low. One 27-year-old landscape architect, who has finally completed his formal training, says: 'My main thought is that it is unnecessarily long. I don't think we need to spend the amount of time at university that we did. 'Although it is fun, and I enjoyed doing my masters, when I look back on it I think I would have benefited from spending more time in practice.' Another young landscape architect says that while there are jobs available in the UK, the bigger salaries are in Scandinavia and the US. There, he says, 'it's paid a lot higher, it's valued more'. While training, landscape architects in the UK can expect between £17,000 and £20,000, he says, but once you have a master's degree, this increases to around £30,000. To get there, he took on tens of thousands in student debt for his degrees, including a master's that cost £12,000, and maintenance. But like many young people he avoids looking at how much student loan he owes. 'I would imagine most people try not to think about it, don't they? I am probably quite deep in a hole.' Some young people pursuing a 'traditional' white-collar career feel like they fell – or were pushed – into it. One final year student at Glasgow University says that she 'leaned in' to the pressure to study law because her parents told her she would be good at it. 'I am now in my final year and I look back and I never really asked myself if this is something I want,' she says. 'I think of doing law at the end of it as an actual punishment. It's really scary, because I look back and think, 'Have I just wasted three years?'' She worries that she rushed into a 'professional' degree, and that she might have got more fulfilment studying something she enjoyed more. 'It's not a bad thing to have under my belt. But I do look back and wonder whether I would have been better off studying something else. I have friends who are studying degrees such as sculpture and environmental practice. I find their curriculum so much more enriching, although not a proper profession.' Increasing numbers of school leavers are choosing a different path, opting for degree apprenticeships, which sets them up for the same careers but without the student debt. Iyioluwa Adesan, 25, joined NatWest as a digital apprentice. He says: 'My parents, like many others, viewed university as the only credible route to success because it was the only route they had been exposed to. But deep down, I knew I wasn't naturally suited to the academic, theory-heavy approach of a traditional university. I was more practical. I needed a different kind of learning environment.' Adesan spent five years at NatWest, completing an undergraduate degree, and now works to connect potential apprentices to full-time work. Those working in accounting and finance apprenticeships can expect to earn an average of £29,945 after five years. But Adesan did feel cut out of the social life of university. He says: 'The social side was different. There was no freshers' week or vibrant campus life in the traditional sense.' There were friendships made at work, he says, and over time he developed a professional network. He adds: 'I want to help shift the perception around apprenticeships. They are not a second option, just a less visible one.' He's now started his own company, supporting other apprentices. Conor Cotton, of Not Going To Uni, said: 'We continue to see a clear increase in interest around non-university routes, especially apprenticeships. 'For many young people, the recent announcement on increasing tuition fees has become an even stronger reason to avoid student debt, and developing practical skills is becoming increasingly appealing compared to the traditional university route.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Telegraph
04-06-2025
- Business
- Telegraph
‘I'm forking out £70k to become a lawyer, but the salary is a pittance'
Going into a white-collar profession, like law or engineering, has long guaranteed a lucrative and stable career. You would go to university to qualify for a specific job and be set for life – all with little or no student debt. But for young people entering the workforce now, the equation is less simple. Taking on the huge burden of student loans and any further qualification costs, while facing stagnant wages, means that the traditional professions, with their years of training and low pay, look far less enticing. Meanwhile, minimum wage is rising to around the same rate as graduate pay. Application numbers for practical degrees in traditional white-collar industries – law, accounting and finance, medicine and engineering – have increased in the past five years, with growth as much as 36pc. But some students are graduating to find that the 'easy' path to a white-collar career is now broken. 'What is the point?' Naomi Cicconie, 39, is an unusual law student. She served five years in the military before joining the prison service, and then worked in a children's home while she did her law degree at the University of South Wales. She has spent £54,000 on her degree, and will have to pay out a further £13,900 on the Legal Practice Certificate (LPC), which she is planning to start later this year. All in, that's nearly £70,000 just to qualify as a lawyer, not including living costs. The entry-level salary in Wales, where she lives and works, is around £22,000. Cicconie says that even once she is fully qualified, she'll likely earn between £28,000 and £42,000. 'You're spending all of this money to get a job [with a salary] that is under 50pc of what you've borrowed to qualify. It makes no sense,' she says. 'I am at a stage now where I am thinking to myself, 'What is the point?'' Corporate law comes with famously large salaries, especially for those working at American firms in the City, where those who have just qualified can expect to be paid as much as £180,000. But for most of those outside big cities, working in certain types of law, or in legal aid – a crucial aspect of the justice system which Cicconie works in – six-figure salaries are unthinkable. Cicconie says many of her colleagues have left, blaming low pay. She adds: 'I would say to anyone who is joining a bit later, and wants to get on with their career, don't go anywhere near [legal aid]. Unless you're lucky to be in the financial position where you don't have the stress of needing to earn a certain amount of money.' Soaring student debt and stagnant wages The economic situation for all young people is tough. The average graduate salary 15 months on from their studies, for those who graduated in 2022, was £27,500, according to the Higher Education Statistics Authority. In 2010, the average was £20,000 – if salaries had kept pace with inflation, they would now be more than £30,000. Pay for all full-time employees decreased by 2pc in real terms between 2010 and April last year, according to House of Commons research. For those aged between 22 and 29, it dropped by 10pc. And while average graduate pay has fallen in real terms by about 4pc over the past two decades, the minimum wage has risen by 60pc, according to analysis by the Resolution Foundation. It means that someone working full-time on minimum wage can earn £25,000 a year, similar to or higher than some graduate salaries. It found that 20 years ago, the median graduate starting out in their career earned around two-and-a-half times the minimum wage. Add to this the burden of student debt. University tuition fees are set to rise for the first time in eight years when the new academic year starts this September, from £9,250 to £9,535. The average graduate has a debt of more than £48,000, according to the Student Loans Company, and newer graduates face a more onerous repayment system, especially if they are what are considered high earners. Most professions require a university degree, unless they are on apprenticeship schemes – and many require extra qualifications, such as Cicconie's LPC, some of which have to be paid for out of the student's own pocket. Many legal firms now prefer the Solicitor's Qualifying Exam (SQE), which will cost a total of £4,908 from this September, having risen from £4,790. Even once a young professional has qualified, pay remains suppressed. Engineers, for example, are much less well-paid in the UK than the US, with an average salary of £37,000 compared to entry-level pay of $74,000 (£55,000) for American graduates, according to Glassdoor. Low pay is not the only problem. Working from home, quickly changing workplaces with badly organised training, and the threat of the rise of AI, all contribute to a sense of rising frustration. The chief executive of AI firm, Anthropic, has predicted that it will destroy half of all entry-level white-collar jobs in five years. Meanwhile, vacancy levels are back to pre-pandemic levels, according to the Recruitment and Employment Confederation, with a 5.5pc drop in openings compared to November last year. Demand for workers surged initially as the economy recovered from the pandemic, but has slowed down since. The costly hurdles to entering a profession For some would-be white collar workers, getting into their desired profession has come with unexpected training and costly qualifications. One biochemistry graduate, who completed his undergraduate degree in 2022 and now works for the NHS in the north of England, says he's frustrated about poor communication about how much more training he would need. He needs a specific technical qualification, but there are only so many training positions available, for which you need to be sponsored. He explains: 'To do an Institute of Biomedical Science training portfolio, you have to be sponsored and in an approved laboratory. Usually by taking a trainee Band 5 position, of which there are naturally a limited number. 'This is incredibly frustrating as it bottlenecks the whole process and, for me at least, wasn't clearly explained at university. It feels like I'm banging my head against a brick wall.' Architects are among those who face years-long training requirements. After an undergraduate degree, a year in practice, and then a master's degree, young landscape architects also face a two-year process to gain 'chartered' status. And after having jumped through these various hurdles, and totted up years' worth of student debt, pay in architecture is notoriously low. One 27-year-old landscape architect, who has finally completed his formal training, says: 'My main thought is that it is unnecessarily long. I don't think we need to spend the amount of time at university that we did. 'Although it is fun, and I enjoyed doing my masters, when I look back on it I think I would have benefited from spending more time in practice.' Another young landscape architect says that while there are jobs available in the UK, the bigger salaries are in Scandinavia and the US. There, he says, 'it's paid a lot higher, it's valued more'. While training, landscape architects in the UK can expect between £17,000 and £20,000, he says, but once you have a master's degree, this increases to around £30,000. To get there, he took on tens of thousands in student debt for his degrees, including a master's that cost £12,000, and maintenance. But like many young people he avoids looking at how much student loan he owes. 'I would imagine most people try not to think about it, don't they? I am probably quite deep in a hole.' 'Have I just wasted three years?' Some young people pursuing a 'traditional' white-collar career feel like they fell – or were pushed – into it. One final year student at Glasgow University says that she 'leaned in' to the pressure to study law because her parents told her she would be good at it. 'I am now in my final year and I look back and I never really asked myself if this is something I want,' she says. 'I think of doing law at the end of it as an actual punishment. It's really scary, because I look back and think, 'Have I just wasted three years?'' She worries that she rushed into a 'professional' degree, and that she might have got more fulfilment studying something she enjoyed more. 'It's not a bad thing to have under my belt. But I do look back and wonder whether I would have been better off studying something else. I have friends who are studying degrees such as sculpture and environmental practice. I find their curriculum so much more enriching, although not a proper profession.' Increasing numbers of school leavers are choosing a different path, opting for degree apprenticeships, which sets them up for the same careers but without the student debt. Iyioluwa Adesan, 25, joined NatWest as a digital apprentice. He says: 'My parents, like many others, viewed university as the only credible route to success because it was the only route they had been exposed to. But deep down, I knew I wasn't naturally suited to the academic, theory-heavy approach of a traditional university. I was more practical. I needed a different kind of learning environment.' Adesan spent five years at NatWest, completing an undergraduate degree, and now works to connect potential apprentices to full-time work. Those working in accounting and finance apprenticeships can expect to earn an average of £29,945 after five years. But Adesan did feel cut out of the social life of university. He says: 'The social side was different. There was no freshers' week or vibrant campus life in the traditional sense.' There were friendships made at work, he says, and over time he developed a professional network. He adds: 'I want to help shift the perception around apprenticeships. They are not a second option, just a less visible one.' He's now started his own company, supporting other apprentices. Conor Cotton, of Not Going To Uni, said: 'We continue to see a clear increase in interest around non-university routes, especially apprenticeships. 'For many young people, the recent announcement on increasing tuition fees has become an even stronger reason to avoid student debt, and developing practical skills is becoming increasingly appealing compared to the traditional university route.'
