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The only thing wrong with this is the fact that it's not compulsory to offer this wage and compulsory for all firms of 10 fee earners or more to offer training contracts whether they want to or not.

My heart bleeds for the partners who earn £70K plus, but can't earn £67K and in a 6 partner firm chip in £3K each year to pay a trainee and secure the future of the profession and maybe an employee for their firm, especially when it wouldn't actually cost the full £3K anyway as no doubt it would be a pre-tax deductible business expense.