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I note you say "the terms of your employment did not change"; Did you formally receive a training contract? This would then be registered with the Law Society (through the Solicitors Regulatory Authority and would in effect be your contract of employment (regardless of the fact that you were previously employed as a paralegal).
A training contract is a fixed term contract (ie. for two years), if this is the contract you are employed under then your contract will end by the expiry of that fixed term when you complete your training contract. They would not need to make you redundant, or indeed to formally dismiss you.
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