Source: TheCityUK
New research 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 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.
Miles Celic, Chief Executive Officer, TheCityUK, said, “The UK’s legal services sector continues to make a vital contribution to jobs and growth right across the country. The UK’s globally renowned reputation for legal excellence and its status as a jurisdiction of choice for international dispute resolution is underpinned by the rule of law, and the government’s commitment to upholding this is vital to its continued success. Ultimately, a strong legal services sector is crucial to maintaining the UK’s status as a leading international financial centre and supporting business activity across the economy.”
John Aldred, Head of Professional Services, Barclays Corporate Banking, said, “TheCityUK’s report confirms the critical importance of the UK’s legal sector to the country, both from its direct contribution and the huge range of economic activity it underpins. We are proud to be a key enabler for the legal services ecosystem, supporting new LawTech start-ups through to established international firms achieve their goals.”
Read the full article: https://www.thecityuk.com/news/uk-maintains-its-reputation-as-a-world-leader-for-international-legal-services/
