What motivates Lawyers?
Percentage of income
| Less than £25,000 | £25,000 to £40,000 | £41,000 to £75,000 | £76,000 to £120,000 | £121,000+ | |
| Mortgage/Rent | 35% | 24% | 23% | 28% | 21% |
| Investments/savings | 0% | 13% | 16% | 12% | 18% |
| Loans/credit cards | 30% | 11% | 9% | 7% | 17% |
| Utilities | 7.5% | 6% | 4% | 2% | 2% |
| Car | 7.5% | 7% | 4% | 2% | 3% |
| School fees | 2.5% | 1% | 1% | 7% | 21% |
| Dining out | 0% | 4% | 5% | 4% | 2% |
| Holidays | 0% | 6% | 8% | 8% | 2% |
| Alcohol | 2.5% | 2% | 3% | 1% | 0% |
| Sports | 0% | 2% | 2% | 3% | 0% |
| Clothing | 7.5% | 4% | 5% | 5% | 2% |
| Beauty products/services | 2.5% | 2% | 1% | 1% | 0% |
| Other | 5% | 18% | 19% | 20% | 12% |
The debt ratio for lawyers surveyed is somewhat high - mortgage, loans and credit cards make up the majority of monthly expenses. Unsurprisingly, investment is low or virtually non-existent at the newly qualified level and increases as position and salary does; 57% of lawyers surveyed believe that they have insufficient investments for retirement (views on retirement age become more pragmatic as seniority level increases). For lawyers with children, school fees at the higher salary levels are common. There tends to be more expenditure on personal items (clothing, beauty products) for junior lawyers.
Actual expenditure
| Less than £25,000 | £25,000 to £40,000 | £41,000 to £75,000 | £76,000 to £120,000 | £121,000+ | |
| Mortgage/Rent | £257 | £412 | £653 | £1,038 | £1,300 |
| Investments/savings | £99 | £257 | £375 | £756 | £1,125 |
| Loans/credit cards | £250 | £358 | £317 | £200 | £1,100 |
| Utilities | £58 | £96 | £127 | £150 | £125 |
| Car | £20 | £137 | £139 | £113 | £200 |
| School fees | £0 | £65 | £48 | £163 | £1,300 |
| Dining out | £67 | £111 | £116 | £195 | £125 |
| Holidays | £20 | £80 | £198 | £294 | £125 |
| Alcohol | £44 | £52 | £63 | £76 | £0 |
| Sports | £5 | £34 | £77 | £53 | £0 |
| Clothing | £38 | £97 | £109 | £171 | £125 |
| Beauty products/services | £15 | £172 | £18 | £41 | £0 |
| Other | £28 | £109 | £259 | £378 | £750 |
| Does your level of expenditure always increase as your salary increases | >£25,000k | £25,000 to £40,000 | £41,000 to £75,000 | £76,000 to £120,000 | £121,000+ |
| Yes | 81% | 78% | 74% | 90% | 50% |
| No | 19% | 22% | 26% | 10% | 50% |
| Does your level of expenditure always increase as your salary increases | |
| Yes | 43% |
| No | 57% |
| At what age do you plan to retire | Less than £25,000 | £25,000 to £40,000 | £41,000 to £75,000 | £76,000 to £120,000 | £121,000+ |
| 50 to 55 | 7% | 3% | 5% | 0% | 0% |
| 55 to 60 | 43% | £65% | 58% | 56% | 0% |
| 60 to 65 | 36% | 23% | 29% | 22% | 100% |
| 65+ | 14% | 10% | 7% | 22% | 0% |
