Legal sector sees 50% growth in past decade
updated on 02 December 2024
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The Law Society’s recently published Economic Value report found that the gross value added (GVA) from the UK legal sector is estimated to have grown by 50% in the past 10 years – the GVA was £34.2 billion in 2022.
GVA measures the economic value of the goods and services produced by an individual company or collectively by an industry or sector. The legal sector’s growth contributes to both the UK economy and plays a pivotal role in improving the living standards of British people. According to the Law Society, the combined direct and indirect contribution of the legal services sector to the UK economy is £74.4 billion in turnover and £57.8 billion in GVA.
The report also found that more than half a million people employed in the UK depend on the legal sector’s success – a 15% increase over the previous decade.
In addition, the UK legal sector exported £9.5 billion worth of legal services in 2023, with Law Society President Richard Atkinson explaining that “exports are critical for maintaining and improving our standards of living”. He also added that “legal services are instrumental for the continued success of other sectors of the UK economy”, such as financial services, real estate, technology, public administration, health and education.
