The Wire by Wealthbrite: Spring 2025

This is the first edition of The Wire by Wealthbrite

Your quarterly bulletin spilling the tea on money moves in the legal sector ☕️

Hi, I’m Carla 👋 - former lawyer, squiggly careerist, now founder of Wealthbrite and I'm on a mission to create a generation of financially savvy, responsible lawyers. 🚀

In each edition of The Wire we'll bring you curated content across three core pillars:

🧡 what is good for the sector (culture & wellbeing)

🌱 what helps it grow (innovation & learning)

🔐 what keeps it safe (ethics & compliance)

So whether you're here to build your financial muscle, progress your career, protect your firm or just get a behind-the-scenes look at startup life - we've got you covered.

Side note: this newsletter is a deeper dive than the regular, short-form content we share on socials. So grab a cuppa, get settled and come reflect with me.

Scroll down for 👇

🎯 Hits & misses - we score the sector's latest news and moves.
🗓 Get to know us & get involved - what's coming up.
💰 Keep the change - answers to money questions you're really asking.

Sector Scorecard

News that got us thinking (click to read) and a closer look at our top pick.

✅ HIT: Simmons & Simmons sets 20% social mobility target for lawyers, trainees and apprentices.

❌ MISS: International law firm, Hill Dickinson, has blocked general access to several artificial intelligence tools.

🃏 WILD CARD: CEO Paul Philip is leaving the SRA – but what does that mean for the sector?

Hot take 🔥

We're starting to wonder as a junior is it all more money, more problems?

I’m a believer of ‘what gets measured gets done’ so the Simmons social mobility target will certainly put a spotlight on their hiring and retention practices and I'm here for it. Simmons also hit the press this year for raising NQ pay in Bristol to a whopping £96K.

What's the link between these two you ask? Well, IMO the link between social mobility and financial literacy isn't talked about enough and for many navigating the complexity of financial adulthood doesn’t come easy. I also have a hypothesis that (1) financial confidence and knowhow differs depending on your socioeconomic background and (2) financial education can aid progression of socially mobile talent (more on the dataset we're building to prove this hypothesis below ⬇️).

Firms that want to see more employees from lower socioecnomic backgronds reach senior ranks would do well to consider the diversity of lived experiences, including with money, that walk through their doors.

Meanwhile, news from the US that Big Law is under pressure to drop DEI initiatives causes us to wonder: will the Trump effect be felt this side of the pond? Many firms (including Paul Weiss) have been praised for their work to address the financial barriers that those from more diverse backgrounds can face entering the profession. Will this effort now be under threat and what do juniors think about it? We'll be finding out and sharing insights in our next edition.

💡 Our 2024 Law Report shows those from low socioeconomic backgrounds under-perform on key metrics of financial confidence and resilience.

Read the Report

Get to know us & get involved 👋

📑 READ: The Brief: Do law firms owe a duty of care to juniors on 6-figure salaries?

🎙️ LISTEN: The Social Impact Journal: The skills gap holding young people back in their careers

🎫 JOIN: Open Day Event with Flex Legal - Discover our online Financial Literacy Course for Juniors (Webinar 7 May).

Keep the change 💰

Community Q&A - breaking the money taboo and normalising asking for help.

Quick reminder: we’re independent educators. We don’t do financial advice, sell products or take cheeky backhanders, so answers are provided for guidance only.

Q: I recently qualified and earn well but often run out of money and really struggle to stick to a budget. Can you recommend any apps or tools I can use to help me get better at this?

A: First up, let’s just say how common this question is. A surprisingly high number of lawyers tell us they find it hard to manage their money month to month.

💡 65% of lawyers tell us they don't budget or struggle to stick to one (2024 Wealthbrite Legal Insights)

Budgeting has a bad rep for being boring and for some, not really needed if you earn enough. But here's the kicker: not budgeting actually costs you more.
In fact per our data, there's a 77% correlation between those who struggle to budget and those who regularly rely on credit to pay for everyday essentials. So learning to master this fundamental financial skill will save you time and money in the long run.

How can you get started?
1. Get clear on your attitude to money. You need to understand the triggers or drivers of your current behaviours. Get honest with yourself, because - unpopular opinion incoming - you can’t out-earn a bad relationship with money.

Are you spending out of boredom, FOMO or simply living so passively that you don't realise where you are financially until it’s too late?

2. Try out different ways to plan how you spend your money. Flip the script from restrictive to intentional spending. For some people, the word spreadsheet makes them break out in a cold sweat, for others, it’s the only way to get specific about where their cash is going.

Whether it’s cash-stuffing, app-based savings pots or different accounts for different goals, find what works for you. You may not crack it immediately, so don’t give up after your first try.

If you’re someone who needs an extra nudge to do the right thing try Martin Lewis’ Demotivator Tool which will shock you into seeing just how much those little treats are costing you!

Got a question you want answered in the next instalment of Keep the Change? 💰

Submit a Question