The important economic contribution of the UK legal services sector is underlined in the latest TheCityUK legal services report.
The report argues for greater action from the government to support the primacy of English law and to secure both the sector’s continued access to European markets and its leading international position.
The report, ‘Legal Excellence, internationally renowned: UK legal services 2017’, shows the sector’s trade surplus was nearly £4bn in 2016. Revenue generated by legal activities in the UK was £31.5bn in 2016.
The majority of large firms saw an increase in revenue during 2016/17, with the top 100 UK law firms generating over £22bn in 2016/17. In total, legal services make up 1.5% of the UK economy, employing over 311,000 people across the country, two-thirds of whom are based outside of London.