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They may traditionally be regarded as high-earners, but figures from HMRC have revealed that barristers’ wages have fallen by 12 per cent over the past two years.

The average annual wage for a practising barrister after expenses stood at £108,000 over the previous tax year (2013-2014), compared with £113,000 in 2012-2013 and £123,000 in 2011-2012, representing a fall of 12 per cent over the two-year period.

It is believed that the withdrawal of legal aid for several matters is believed to be the main cause of this, with individuals no longer entitled to claim financial assistance for matters such as divorce, employment disputes and clinical negligence claims.

Additionally, a large number of individuals have chosen to join the profession over the last two years with an additional 24,000 people having opted to become barristers over this period.

These recent figures raise concerns, however, with it also having been noted that barristers face difficulty receiving payments that they are owed as well as falling wages. Peter Alderson, of finance provider LDF notes: “Late paying clients are also proving a real problem for barristers, which means a barrister’s cash flow can hit extreme peaks and troughs throughout the year – if a tax bill hits during a trough, many barristers could find their backs against a wall.”