Careers That Pay Well In The UK ie enough to support a family

Hi. I'm a Brit thinking of returning to the UK.  I'll have to move back when my work permit expires in 2008. Currently I'm a lawyer with 3 yrs of experience and earn about $60,000 USD/yr here in Utah, which is more than enough to live on in this geographical location - if you're single.

I have figured how to take the UK bar exams and requalify. It's less difficult than moving from one state bar to another within the US. However, the salaries paid are shockingly low, especially considering the cost of living. I typed in my salary and city in a cost of living calculator and it said I would need to earn about 120K sterling in London to maintain my standard of living on $60,000 here!! Yet salaries in London for someone with my yrs of experience and in my particular area - litigation - average about 35K! with those with 5-10 under their belt earning, on average, 50-60K.

now, i'd like to have a family, purchase a decent home, say 4 bedrooms in a decent area within at least a 30-45min commute.

Does anyone know of any occupations that pay better than law? I really enjoy it, but would get more satisfaction out of providing for my family.

Who earns a decent London salary ie enough for mortgage on a decent home not too flung out, and enough to support some kids? what qualifications did you get and what job do you do? is computers a good field?

The mods may move this post to "On the Job" so you get a better response.

BTW, I work in the IT department of a US investment bank here in London and while my pay is not bad, I would hope I can do better.  I don't have a mortgage, but my rent for a 1BR apartment is equivalent to paying a mortgage.    

bvamin

Hi tenthplanet, and welcome to the forums. In another post of your you said your work permit expires in 05, so are you moving soon or not until 08? The will obviously buy you a bit more time, though I wonder if it would be enough time to get qualified etc for a different career path? Granted I know nothing about law, and perhaps your lawyer training can get you another kind of higher paid job in London that law. I also wonder, why move to London if cost of living is such an issue? Perhaps moving to a different city would make more sense for you, as almost everywhere has a lower cost of living that London.

I agree that other parts of the UK have a lower cost of living than London. I'm moving from New York City to York, where the cost of living is much lower, although the bad exchange rate makes up for that.

You might want to reevaluate your standard of living as well. Do you actually spend $60,000 annually in the US on necessary items? 

I'm a recruiter, here on HSMP--and right after I arrived I interviewed at a great legal recruitment firm (Hughes Castell, if you are interested) and one of the MD's was a barrister, who took a job in recruiting right after passing the Bar just to spite his parents and made 90K right out of the gate! Not a job for everyone, (and I'm trying desperately NOT to be in recruiting anymore) but even I was surprised that recruiters make more than lawyers here. 

... but even I was surprised that recruiters make more than lawyers here.

Funny you should mention that. I was just speaking to a gal yesterday who's training to be a solicitor and she said there's no money in law these days.

As for your question, tenthplanet, $60,000 is a very decent salary in Utah so I'm going to assume you live a good lifestyle. If you made the same amount in the UK (ie £30,000) you'd still be okay on your own in London, even better if you moved up north. You've got to remember that cost of living is much higher in the UK than it is in the US - especially Utah. If you're looking to move here on what you make then my recommendation is move north. You'll be able to get more for your buck. (saying that, though, they do tend to make less up north - cost of living and all that but you can get some very nice homes up here in Yorkshire, in the country, close to Leeds that are around £500,000.

I'm afraid I wouldn't know what jobs make the most in London, so I can't help you there. If I knew that, I'd be doing it myself. 

Like most really large cities, the big money is in the financial markets (traders, etc) and with entrepreneurs. Property development probably used to pay well in London but the market is slumping big time now.

I expect you'll need to be a bit more specific about what your lifestyle has to be and what you might be able to cross train as in your time frame.

Hey tenthplanet it just occurs to me that my father managed to support a faily of four and buy a 3 bed house within communtable distance. He was a broadcaster & translator with the BBC, so there's a career option for you, if you speak Farsi that is.

500,000 for a home up north!?

i would think that that's too much, even for a lawyer to afford. will a bank give you a 500K mortgage on a salary of say 30K? the lawyers i know of who work up north seem to earn about 20K.

my family lives in the southeast, the bournemouth area, which is actually now more expensive than London, but salaries are lower. so it makes sense to work in London.

60K here in Utah is good, i take home about 3300 a month. mortage on a small house is 1300. student loan repayments are 500. car and insurance about 200.  other stuff (food etc) and incl. i pay my own health and dental is about 600. that leaves me about 700 which i save.

however, i'd like to settle down and have a family, make enough to support them maintain a decent home, pay off student debts, and of course save at least 500-1000 pounds per month. is everyone is Britain pretty poor these days? how do people buy homes? are the banks lending about 10x average salary?

also, is it possible to qualify for government welfare if you have a family and cannot afford to support them?

State benefits are definitely NOT going to keep you and your potential family in the style to which you wish to become accustomed ...

Currently I'm a lawyer with 3 yrs of experience and earn about $60,000 USD/yr here in Utah, which is more than enough to live on in this geographical location - if you're single.

I live in Utah on a whole lot less than that....and I have two kids to support.  It's possible that you may have to adjust your definition of what constitutes a decent standard of living, as the cost of living is much higher in London than it is in Utah...

I'm getting a sense of deja vu here. 

You wouldn't need to qualify for state benefits if you're earning 35K.  That's a good salary.  Anywhere. 

State benefits are definitely NOT going to keep you and your potential family in the style to which you wish to become accustomed ...

Unless living in a homeless shelter or B&B with your family whilst you sit on an endless waiting list for social housing is your idea of style . . .

The era of the 'council house' is history and Income Support probably won't cover the cost of internet access. 

And um, no one starting out in any career would be able to put away 500-1000K a month.  That's ridiculous.