The Law Society of England and Wales has released a report stating that the legal sector in UK has grown by over 50% in the last ten years. The contribution of the legal sector has seen a increase from £22.8 billion in 2013 to £34.2 billion in 2022. 

This information features in the latest Law Society’s Economic Value report, which also points to an increase in legal services exports. The UK exported £9.5 billion worth of legal services in 2023 and this growth in exports highlights the global demand for UK legal expertise. 

Richard Atkinson, President of the Law Society noted, “The legal sector is a cornerstone of the UK economy, fostering growth and enhancing living standards both at home and abroad.” He further added that this international status of English and Welsh law remains the world’s most popular legal framework. 

Besides financial growth, the export activity of legal services has also contributed massively to the UK’s trade surplus. The net balance from legal service exports at £5.5 billion in 2021 accounts for 6% of the UK’s overall trade surplus, clearly and undoubtedly pointing to the sector’s increasing global economic contributions. 

The sector has also expanded the employment base. Today, legal services support over half a million jobs directly and indirectly. There has been an increase in employment by 15% in this industry over the last decade. It has also expanded at a faster pace relative to the economy, making the sector very important concerning job creation and maintaining economic stability. 

The integration of legal services with key global industries, like financial services, real estate, and technology, has also boosted the sector’s international stature and economic value. This is well brought out in the roundtable discussion held at the International Dispute Resolution Centre for Arbitration and Mediation in London by Lord Chancellor Shabana Mahmood and Business Secretary Jonathan Reynolds. Mahmood also claimed pride in the strength and global reputation of the UK’s legal services, noting their significance to the government’s economic growth strategy. Geographically, the legal turnover still remains centered in London, with 47%, but 53% came from other regions of the country, clearly underpinning the sector’s national significance.