Legal sector worth £26bn to UK economy

The UK legal sector adds £25.7bn to the UK economy, a new study by The Law Society says.

The report, Economic Value of the Legal Services Sector, also said that over the last decade, growth in the legal sector has outperformed the rest of the UK economy by some margin. It averaged 3.3 per cent growth each year compared to the average UK economic growth rate of 1.2 per cent.

The sector grew by 8 per cent between 2014 to 2015, the report says.

The report does not take into account the additional value of pro bono work to the economy.

Law Society chief executive Catherine Dixon said: “This is a phenomenal success story which we should celebrate.”

“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.”

Legal services