Academically gifted students from less advantaged backgrounds in Scotland are set to benefit from a game-changing quarter of a million pound investment through the Lawscot Foundation.
The Law Society of Scotland has donated the proceeds of the May 2016 sale of Legal Post to the Foundation; a charity established in 2016 to help talented students through their legal education journeys by providing bursaries and mentoring support.
Following a takeover by DX, the Law Society of Scotland sold its shareholding in Legal Post for £261,585 - having originally bought it for a nominal £20. The Society’s Council has agreed that the total value should be donated to the Lawscot Foundation.
Eilidh Wiseman, President of the Law Society of Scotland, said: “I am delighted that after careful consideration, Council has decided to donate this windfall in its entirety to the Foundation. This cash injection will have a huge impact on the future generation of solicitors and generate the longest-term return on investment.
“The Foundation is a fantastic initiative, which promotes equality and diversity within the legal profession. It has been supported wholeheartedly by the profession, many of whom have already donated and helped to raise almost £18,000 in the few short months since launch.”
Heather McKendrick, Head of Careers and Outreach at the Law Society, said: “This investment will give students from disadvantaged backgrounds the funding, mentoring and support they need to fulfil their potential and realise their legal career aspirations.
“This is a fantastic financial boost, but it is crucial that we do not take our foot off the fundraising pedal. The engagement and support of the profession is vital to ensure that the charity is a long-term investment in the future of the profession. There will be many gifted students in the future who can benefit from the Foundation’s support and who in turn will benefit the Scottish legal profession.”
Lawscot Foundation aims to remove financial barriers between gifted students from less advantaged backgrounds and their access to the profession. In addition to financial assistance, bursary recipients, who may be the first in their family to attend university, will receive invaluable mentoring from an experienced Scottish solicitor.
Funding of around £2,500 will be offered to students for each of the five years of study at undergraduate and diploma level and entry for applications will open shortly. Application forms and details of how to apply will be available on the Lawscot Foundation website.