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New research out today from TheCityUK reveals revenue generated by UK-based legal services increased by 7.7% year on year to £47.1bn in 2023, underlining the continued strength and reputation of the UK as a world leader for international legal services.
Published in partnership with Barclays, the report ‘UK legal services 2024: Legal excellence, internationally renowned’, finds that the sector also made a significant contribution to the UK economy, contributing £37bn - or 1.6% - of gross value added in 2023 and a trade surplus of £7.6bn.
The sector is also a major employer, with over 368,000 people employed in legal services across the country, including in centres such as Manchester (13,000), Birmingham (12,000), Leeds (9,000), and Edinburgh and Glasgow (7,000).
The report also highlights the UK’s global appeal, with over 200 international law firms based here and seven of the top 20 law firms by revenue having their headquarters in the UK. The industry continues to attract talent from across the world, with more than 7,000 foreign lawyers practising in England and Wales. The UK is the largest legal services market in Europe and second only to the US globally.
The UK’s strong position in legal services is helped by the international prestige of English common law, which forms the basis of the legal systems for some 27% of the world’s 320 jurisdictions. Meanwhile, the UK’s reputation as the leading centre for international dispute resolution continues to be strong driver for commercial parties to frequently opt for their contracts to be governed by English law.
The UK is a global hub for legal sector innovation, underpinned by a highly developed legal market, a technology talent pipeline, liberal regulatory regime, and support from government. It has also become a LawTech hub, home to 44% of all startups in Europe and more than 350 companies attracting £5.5bn of investment in 2023. Belfast in particular is emerging as a leading centre for legal innovation and LawTech...
more at The City UK