Legal sector contributes £25bn to the UK economy – new report
The legal sector contributed more than £25bn to the UK economy last year, and every 1 per cent of growth in the legal services market creates 8,000 jobs. That is according to a new report by The Law Society, Economic Value of the Legal Services Sector.
The report also says that the legal sector has grown by an average of 3.3 per cent a year over the past decade, more than twice as fast as the economy as a whole.
The report presents findings from two different studies based on analytic tables published by the Office for National Statistics every five years. These show that every extra £1 in demand for legal services supported £2.39 in spending across the economy.
Introducing the report, Law Society Chief Executive Catherine Dixon said: “It is important that any changes to the regulatory and legislative environment for the legal services sector are fully considered to avoid any unintended consequences of change which could put our position as the jurisdiction of choice at risk and so jeopardise future success.”
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