Has there ever been a better time to be a trainee? There is no doubt that it is currently a trainees' market, with -- for the first time in many years -- more training contracts than students applying for them.

In 1999, there were 4,827 training contracts available with 4,627 students passing the Legal Practice Course, compared with 4,338 and 4,633 respectively in 1998, according to the Law Society's annual report.

In theory at least, that means those applying for a training contract have a better chance of landing the training contract right for them than they have experienced for years.And salaries have also soared.

The highest rate for students -- according to the new edition of Chambers Student Guide 2001 -- is £27,000 at Gouldens, and £25,000 at the magic-circle and outer-circle City firms.

Law graduates can even get a £10,000 'golden hello' plus a similar starting salary if they go for a non-law career option and join the management consultancy, Andersen Consulting.As Kate Parr, director of human resources and training at national firm Pinsent Curtis, says: 'Trainees themselves appreciate that the world is their winkle -- which is obviously smaller than an oyster but suits their level at the beginning of their careers -- and trainees are not just learning about becoming good lawyers but also about being good business advisers.

So there is so much more variety in their training.'It is the beginning of a totally new market with other professionals looking to compete for them, not just other law firms, but accountancy firms and investment banks.

Law firms are reverting to the cradle-to-grave approach with their trainees, getting them more involved with clients.

They are learning to manage their expectations, and that can make or break a business.'One of Pinsent's trainees, Richard Miskella, in his third seat in th e employment department in the London office is also sanguine.

He says: 'We have probably never had it so good.

The salaries have gone up, but just as importantly, business is doing well, especially in the commercial sector, so there is a lot of opportunities, even at the newly-qualified level because firms are keen to hold onto their trainees.'Despite many trainees and solicitors benefiting from the recent salary wars -- which began with the US Silicon Valley firms, jumped across the US to Wall Street and has now leapt the Atlantic and reached the City firms -- Mr Miskella concedes that 'despite the knock-on effect on salaries and the large amount of work available, it has not quite trickled to some of the regions.

And the opportunities are dependent on the economic situation staying buoyant.'And the quid pro quo with higher salaries is that trainees and newly-qualified solicitors have to work hard for the money.

As Mr Miskella comments: 'At the moment, we fall between two stools -- in the middle-ranking firms, we have not yet seen the full effect of the hourly rates or billing targets being hiked up, so we have the benefit of higher salaries and less of the down-side.

But as the financial impact of those changes is felt, that may change.'So, despite the higher salaries, there are still stresses and strains in being a trainee, although that has been cushioned by having more money.

But money is not the only panacea, as one human resources manager says, half-seriously: 'Oh, for the days of the grateful and quiet trainee.

Seriously, it is better for trainees that they have found a voice and are empowered to speak up -- a stressed and silent trainee can mean that there is something wrong, and it is better for them that they can come to us if there is a problem.'A number of firms have been changing how they conduct their training so they can pre-empt problems.

Jerry Gallagher, graduate recruitment manager at CMS Cameron McKenna in the City, carried out a survey of the firm's trainees last year.

He implemented changes as a result in relation to seat rotation to make the traineeship as broad as possible, and also training the seat supervisors in appraisal and constructive feedback and how to manage the career of a graduate.

Mr Gallagher says: 'There is always room for improvement in how you train trainees -- just because you are a lawyer doesn't mean you are automatically good at training another young lawyer -- there has to be effective training and supervision, and that applies to both trainer and trainees.'David Ball is a trainee at niche London commercial and media firm Olswang.

He is in his third seat in the telecoms group and agrees that there is better treatment of trainees.

'At this firm, we have been getting good quality and high-profile work, and yes, we are well-paid as trainees,' confirms Mr Ball.'But there is the view that it is all relative -- the salary hikes have been getting a lot of attention and even media hype, but the law is not the only sector where you are expected to work hard and get well-paid.

What has helped is that there is more press coverage about how trainees have to be managed responsibly, and as a trainee, you are always conscious of the fact that you have to capitalise on your two years.

And that can mean different things, but if you do stay on at the firm where you trained, then both sides can benefit from that.'The profession as a whole has been benefiting from the booming economy.

Publishers Chambers & Partners's recent survey found that more than 100 solicitors now earn £1 million, and as Caroline Walker, editor of Chambers Students Guide 2001 says: 'The profession has never been so busy, salaries are better than ever, overseas opportunities are increasing all the time and newly-qualifieds can pick and choose between jobs.

I never thought I would feel envious of trainee solicitors.

Let's hope the bubble doesn't burst soon.'But, with an overview of the position for trainees, Grace Martins-Waring, chairwoman of the Trainee Solicitors Group (TSG), comments that: 'It can be said that times are much better than they have been in the recent past for those seeking to qualify as solicitors.

For the first time in years there are more training contracts on offer than the numbers of students passing the legal practice course at first attempt.

The minimum salary, after years of campaigning by the TSG, was increased from August this year [from £12,150 to £13,600 in central London and from £10,850 to £12,000 outside London].

And monitoring of firms which are authorised to take on trainees has been improved and tightened by the Law Society.'On the other hand, would-be solicitors are finishing the academic stage of training more burdened with debt than ever before.

A combination of the introduction of tuition fees for undergraduate courses, the erosion of maintenance grants and high LPC fees has meant that £30,000 of debt on starting one's training contract is not difficult to accrue.

Servicing loans of that magnitude, feeding and housing yourself on the minimum salary does not equate to it being a good time to be a trainee.'Ms Martins-Waring adds that the good times do not extend to ethnic minority students.

They traditionally go to the newer universities and tend to be recruited by smaller firms offering no assistance with LPC fees and pay the minimum salary.

Ethnic minority students also tend to have no alternative means of financial assistance, for example, help from family.

She says: 'There is a real danger that many highly-talented individuals are being left with no option but not to enter the profession because they simply cannot afford it.'The TSG has also found that a disproportionate number of callers to the group's telephone helpline who are having difficulties in finding a training contract are women from the ethnic minorities.Trainees themselves appear to be realistic about what is expected of them when they do manage to get a training contract.

Mr Miskella says: 'All trainees know that they have to work hard -- you have to prove that you're a team player and that you want to stay with the firm.

Ultimately, training contracts are a two-year long interview.'