Brain drain tempered by property prices?
According to the Law Society figures, legal like many other business sectors is experiencing a brain drain with London continuing to pull in legal talent from the regions.
Sure, talk about the northern powerhouse and the actual north-shoring of legal services is helping make careers in the regions more attractive but almost 40% or over 50,000 practice certificate holders were located in London in 2014 and there has been an upwards trend for over a decade.
However research by the Sunday Times and Savills might help slow down the numbers of legal professionals relocating to the capital. According to the research the average home in Greater London in 2005 cost £289,939 and you could buy two of the equivalent houses in Yorkshire. 10 years on and you could be buying three average-priced homes in northern England for one typical Greater London property costing £539,519.
However according to our data London based lawyers are doing pretty well for themselves. Although they less likely to own a property compared to legal professionals located in the North West, Yorkshire and Midlands nearly 41% of them were on the deeds compared to a high of 50% in the North West, 47% in the Midlands and 45% in Yorkshire. 44% of London based lawyers rented compare to the average 35% north of Watford but this is probably explained by the fact that they were also without the same support networks, as only 16% of London based legal professionals lived with family compared with 31% in the Midlands, 22% in the North West and 20% in Yorkshire.
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