Are there any downsides of taking this route (other than having to self-fund the SQE)? For example, does taking this path affect your chances of being hired as an NQ at elite firms?
If I'm not mistaken - it seems many firms still favour the traditional training contract structure, so I’d like to understand if this route could create any disadvantages when it comes to securing competitive roles.
Once you qualify as a solicitor, you will immediately become ineglible for TC and VS. Then your job options will be restricted to paralegal roles.
As an international student, the firms automatically consider you probably have little to zero knowledge of English law (undergrad level). Further, the odds are lower if you have no significant PQE practising law overseas (particularly in civil law countries).
The firms' job advertisements say they look for someone "trained in the UK". Unfortunately, except if you are a paralegal at an elite firm offering NQ roles for trainees, you would be at a disadvantage when competing against trainees from other firms in any lateral recruitment for the reasons mentioned by Jessica.
For example, my LLM colleagues struggled to find associate jobs after passing the SQE. They have been working as paralegals or locum solicitors for the past 2 years.
I know just two graduates qualified as solicitors via SQE with +10 PQE who received offers to work as associates (corporate at a US elite firm and financial services at a global firm).
Check this post where someone shared the hurdle after qualifying via SQE without a TC:
https://www.thecorporatelawacademy....lkie-farr-gallagher-anything.4439/post-190218