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As the summer dust settles, new tenancies and pupillages begin and we approach the opening of the legal year, it’s a natural point for baby barristers (indeed, all barristers) to write their ‘to do’ lists.
From a financial perspective, your ‘to do’ list might simply comprise enlisting an accountant. However, there is more to consider. In conversation with Barbara Mills KC at the Annual Bar Conference this year, we discussed how the need for personal financial planning is often underestimated and not appropriately prioritised at the start of careers at the Bar. Indeed, many of us can bury our heads in the sand when it comes to this important topic. Without adopting the mindset of a small business owner, however, self-employed barristers are unlikely to invest the time that will enable the development of financial stability and a sustainable, long-term career.
When you begin life as a self-employed barrister, you are in fact starting a small business as a sole trader. But rather than having assets to sell, and staff employed to provide the service offered, you are your main and only asset. You have invested time, money and energy into developing the skills to become an advocate and are now building a practice and name for yourself within a particular area. If you don’t or can’t work, your business will simply not continue.
When running your own practice at the Bar, why would you not structure your business in such a way as to provide for the kind of benefits offered by an employed role, such as pension contributions and enhanced sick pay?
Of course, every individual has their own financial circumstances and objectives, with more intricate planning needs above and beyond the below. But, if we take a generalised approach, we can identify key areas that must be addressed at the start:
Most importantly, as you begin your journey as barrister and business owner, don’t get overwhelmed. It doesn’t all have to be done at once! But equally, don’t get complacent – because if you want to run your practice as effectively as possible, it will all need to be addressed.
Take it one step at a time. Start by finding a financial adviser who can help you both prioritise your planning needs and make it less overwhelming. They can assess your current position, identify gaps and work in your interests, taking the financial planning jobs off your ‘to do’ list so you can remain focused on work as a barrister. Finally, don’t let the nature of your work become your justification for neglect – this planning can be achieved in a manageable and flexible way, accommodating your time-poor schedules.
Want to start a conversation today? Contact us:
Tel: 01962 353153
Email: enquiries-westgate@sjpp.co.uk
Web: www.westgatewealth.co.uk/specialist-advice/the-bar
The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief depends on individual circumstances.
Westgate Wealth Management Limited is an Appointed Representative of and represents only St. James’s Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the group’s wealth management products and services, more details of which are set out on the group’s website www.sjp.co.uk/ products. The St. James’s Place Partnership and the titles ‘Partner’ and ‘Partner Practice’ are marketing terms used to describe St. James’s Place representatives. SJP Approved 20/08/2025
As the summer dust settles, new tenancies and pupillages begin and we approach the opening of the legal year, it’s a natural point for baby barristers (indeed, all barristers) to write their ‘to do’ lists.
From a financial perspective, your ‘to do’ list might simply comprise enlisting an accountant. However, there is more to consider. In conversation with Barbara Mills KC at the Annual Bar Conference this year, we discussed how the need for personal financial planning is often underestimated and not appropriately prioritised at the start of careers at the Bar. Indeed, many of us can bury our heads in the sand when it comes to this important topic. Without adopting the mindset of a small business owner, however, self-employed barristers are unlikely to invest the time that will enable the development of financial stability and a sustainable, long-term career.
When you begin life as a self-employed barrister, you are in fact starting a small business as a sole trader. But rather than having assets to sell, and staff employed to provide the service offered, you are your main and only asset. You have invested time, money and energy into developing the skills to become an advocate and are now building a practice and name for yourself within a particular area. If you don’t or can’t work, your business will simply not continue.
When running your own practice at the Bar, why would you not structure your business in such a way as to provide for the kind of benefits offered by an employed role, such as pension contributions and enhanced sick pay?
Of course, every individual has their own financial circumstances and objectives, with more intricate planning needs above and beyond the below. But, if we take a generalised approach, we can identify key areas that must be addressed at the start:
Most importantly, as you begin your journey as barrister and business owner, don’t get overwhelmed. It doesn’t all have to be done at once! But equally, don’t get complacent – because if you want to run your practice as effectively as possible, it will all need to be addressed.
Take it one step at a time. Start by finding a financial adviser who can help you both prioritise your planning needs and make it less overwhelming. They can assess your current position, identify gaps and work in your interests, taking the financial planning jobs off your ‘to do’ list so you can remain focused on work as a barrister. Finally, don’t let the nature of your work become your justification for neglect – this planning can be achieved in a manageable and flexible way, accommodating your time-poor schedules.
Want to start a conversation today? Contact us:
Tel: 01962 353153
Email: enquiries-westgate@sjpp.co.uk
Web: www.westgatewealth.co.uk/specialist-advice/the-bar
The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief depends on individual circumstances.
Westgate Wealth Management Limited is an Appointed Representative of and represents only St. James’s Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the group’s wealth management products and services, more details of which are set out on the group’s website www.sjp.co.uk/ products. The St. James’s Place Partnership and the titles ‘Partner’ and ‘Partner Practice’ are marketing terms used to describe St. James’s Place representatives. SJP Approved 20/08/2025
Chair of the Bar sets out a busy calendar for the rest of the year
By Louise Crush of Westgate Wealth Management
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Looking to develop a specialist practice? Mariya Peykova discusses the benefits of secondments and her placement at the Information Commissioner’s Office
Anon Academic explains why he’s leaving the world of English literature for the Bar – after all, the two are not as far apart as they may first seem...
Review by Stephen Cragg KC
