Legal, Finance and Accounting

The sector in a snapshot

In a few words: the the legal, finance and accounting sector is the backbone of the country. The sector has reaches in both the public and private worlds and can affect every one of us on a daily basis. For example, without a grasp of how money is used or the laws around business, companies would struggle to keep afloat. Similarly the sector supports all of us to manage our money, as well as to be represented against injustices done to us.

In South Yorkshire in particular, it is a growing location for business, professional and financial services. In 2018, the financial and insurance based jobs in the region made up 15,000 jobs (roughly 3% of the workforce). This has since been on the rise. For example, South Yorkshire has a long standing legal sector with 4900 alone people working in large, international firms such as DLA Piper, Nabarro and Irwin Mitchell.

What could the sector offer you?

Jobs in this industry are likely to:

  • Offer competative pay- plus a chance to earn bonuses (especially in the financial sector)

  • Give you challenging work- with lots of problems to solve every day

  • Allow you to travel- there is usually potential to work for an international company and travel the world, or just go to conferences abroad

  • Let you meet people- There will be lots of opportunities to work with new people

  • Have 'esteem'- there is the choice to work for a big, recognisable brand name that everyone knows

  • Go small- you can opt for smaller, local businesses

  • Progression- Lots of chances to progress within the sector, promotions are common

Reality check

The legal and finance sector is highly competitive and demanding. It can be difficult to maintain a work life balance in such an industry, and the hours you need to put in to go further in a role can be quite high. It's a sector that demands hard work! The high pressure, client-focused environments won't suit everyone; at the end of the day, the sector aims to make money.

You will likely need to have skills in...

Logic/reasoning, analysis, accuracy, working under pressure, confidence, professionalism, research, communication, negotiation, IT

Main types of employment in the Finance sector

Accounting - Accountants usually work within a company to manage the financial processes internally.

Banking and finance - Banks process finances of both businesses and individuals, including loans, mortgages and savings.

Financial planning - People in these roles often act as advisers to others, telling them how they can make the most of their money.

Insurance - This area of finance can either offer sales based roles or working in a more exploratory manner to resolve claims with other organisations such as the police and healthcare sector.

Investments and pensions - Investing can be a complex game of risk management, with potential heavy payoffs. Stockbrokers and traders work in this area. Pensions look longer term at making your money last longer for future use.

Tax - The last form of financial service, some tax officers work in companies, but lots take up positions in the government in order to manage income on a larger scale.

Some of the main types of Law found in the sector

Banking and Finance Law- looks into financial processes including loans and advising about financial processes

Commercial Law- otherwise known as business law, includes topics such as bankruptcy, contracts and consumer credit

Corporate Law- makes sure businesses adhere to regulations for conducting business legally

Criminal Law- holds criminal activity to account in the justice system, and ranges from homicides to cyber crime.

Family Law- deals with the family unit, including marriage and civil partnerships, the termination of relationships and child law

Media Law- this is actually a very varied area of law, and includes advertising, the internet and broadcasting.

Public Law- this area includes a few areas of law such as constitutional law, administrative law, tax law and criminal law

Did you know? The term 'Lawyer' is a generic term used to describe a Licensed Legal Practitioner who is qualified to give legal advice in one or more areas of law. Both Solicitors and Barristers are types of Lawyer!

Some roles in the sector

ACCOUNTANT (Up to £44,720 per annum)

Accountants make sure that the finances add up (pun intended!). They are usually involved in calculating the annual accounts of a company, and produce reports on their findings. Accountants can work directly for a company, specialise in different types of accountancy (such as detecting frauds or advising on taxes), or even work as an accountant for hire with multiple clients. This is a largely office based role with lots of deadlines. Entry into accountancy can vary from learning on the job as an assistant or getting a degree; however to be a certified accountant you will been to be accredited .

Think you like the look of the skills needed in law, but not necessarily the culture? Why not consider getting involved in politics?

FINANCIAL DIRECTOR (Up to £75,920 per annum)

A financial director oversees the entire range of financial activities of an organisation. They are responsible for monitoring budgets and spending, producing high level financial statements and developing business objectives. They will more than likely manage a range of teams who work under them. To get to this level you would need to work your way up through an organisation and have lots of relevant experience in the sector, such as consultancy roles like economist. It is likely you will need to have achieved a degree to work at this level.

LAWYER -SOLICITOR OR BARRISTER- Up to £82,680 per annum (dependant on experience)

A Solicitor provides legal support and advice to individuals, such as researching on behalf of a client, drawing up contracts and wills or resolving legal disputes (generally out of a court room). A Barrister on the other hand is the person that will usually represent a client in a court room; they present the findings of a solicitor to the jury and judge. Both will work closely together to get justice for their clients. They will usually be juggling large caseloads of clients, potentially up to 25 legal cases at one time! This is usually in one specific area of law (which are available above) and can be for an individual or company. University is the traditional route into being a lawyer, and you will need to take further study and training to 'take the bar' and be a qualified legal practitioner. If you are working on legal matters but lack a qualification you will be considered a paralegal, who usually help research for solicitor's cases.