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News
Legal sector worth £25 billion and continuing to grow
updated on 01 April 2016
The Law Society has conducted research into the economic value to the United Kingdom of legal services, with headline findings that include a legal sector that is worth £25 billion, creates 8,000 new jobs and adds £379 million to the country’s economy.
Other key points about the legal services sector include the following:
- It grew by 8% from 2014 to 2015.
- An estimated 370,000 people are employed in legal services in the United Kingdom.
- Growth has averaged 3.3% every year for the last decade, outstripping UK economic growth rate of 1.2%.
- Net exports of legal services have grown by an average of 5.6% per annum over the last 10 years, now valued at £3.6 billion.
Chief executive of the Law Society Catherine Dixon says: “The provision of expert legal services is fundamental to the success of business and commerce and underpins the very fabric of our society. From high street solicitors to global law firms, and from in-house solicitors to those who operate in alternative business models, our research shows that growth in legal services significantly contributes to the wider economy, boosting investment and jobs.”
