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The year-long training course costs around £13,000, which amounts to £25,000 with living costs. That has to be funded by graduates who can already have debts of £30,000.
Each year 1800 pupils pass the BVC, but there are only about 550 pupillages at the end of it.
Lord Neuberger added that they did not believe that a move to limit numbers would be deemed “anti-competitive” if a good case could be made.
The working party also favoured greater controls on the standard of the training courses, which was variable.
Geoffrey Vos, QC, Bar chairman, added: “The purpose is to establish a level playing field for those coming into the profession.
“We are not seeking to attempt some form of social engineering - we want to ensure there is equality of access.”
The report said more should be done in schools to encourage more of the brightest pupils to consider a law career.
Part-time options to complete the BVC could be extended, such as the introduction of an online version, it said.
Aptitude tests could help BVC candidates assess whether they were suited for a job at the Bar, the document added.
At present about eight out of 10 barristers come from social groups “A” or “B” and seven out of 10 in the top commercial barristers’ chambers went to public school and Oxbridge.
Mr Vos said: “Doing nothing is not an option.”
The Bar Council has already revealed plans for a new package of bank loans so candidates from poorer backgrounds can pay for the BVC.
The scheme is due to offer loans on favourable terms.
The report is out for consultation until May 31, with a final report due later in the year.
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