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There is definitely a positive for students who have non-law undergraduate degrees because they no longer have to pay for two separate courses. Rather than having to study the GDL and then the LPC they can simply complete the SQE and save costs.
However, in regards to costs, it is still too early to truly tell how cost effective the SQE may be. The SQE examinations total to a maximum of £4,500 but we have yet to know how much law schools will charge to teach students the content.
The SQE can also help those who wanted a break between studies to start employment. Both parts of the SQE can either be taken before, during or after a period of qualifying work experience. Students can take a break from study after the undergraduate whilst still working towards their qualification as a solicitor. However, it is very difficult to gain long-term contracts at law firms so gaining enough experience will be harder than it looks.
Law firms may find the SQE route to be fairer in regards to the exams undertaken. Each exam sitting will be the same across the board, no matter where you are located or the university you go to. This means everyone will be assessed in the same way. This would make it easier for firms to compare candidates and choose hire those with top marks.
To be honest, I am just curious to see what will happen after students complete the SQE and qualifying work experience. Once you are qualified what happens? Would you then need to apply for law firms to take you on as a qualified solicitor - an application process similar to TCs only this time only once you are qualified?
The SQE is perceived as something which is set to bring in radical changes to the existing mechanism for qualifying as a solicitor. Before going into the merits/ demerits (if any at an early stage) of the SQE it is imperative to make a reference to the current system that is through the GDL (if a relevant degree is missing) and then opt for the LPC (generic) or the LPC LLM/ LPC MSc. The new system when implemented will depart from the current mechanism as it will bring in a set of exams, differing from the existing set of courses.
Being an Indian student, with limited means I would try to state my POV on the same. Firstly for someone coming from a developing country and with limited means, who wishes to qualify as a solicitor, this might ease up the economic burden as instead of taking multiple courses, the person needs to appear for exams, where their previous qualifications are immaterial till some extent. That does not mean it can be completely ignored, but the person will definitely save the time and money of doing multiple courses. Moreover, this would allow Universities to tailor programs of different levels as per the needs of prospective takers of the SQE, which will again allow wide participation, without spending a lot.
Anther advantage which I see, irrespective of the country of your origin is usually under the current regime the checks are conducted even before a person is getting their Training Contracts whereas, under the current regime the SRA is expected to carry out this exercise after the qualifying work experience which puts the prospective solicitors on an advantageous position as compared to a stage before this they have a better skill set and work experience.
Note: I am still reading about the domains involved and I have expressed my views as per the limited understanding I have about the two mechanism. I would love to know, if I have mistakenly analysed anything under the two regimes. Thank you.