'Legal excellence, internationally renowned 2019’ demonstrates how the UK’s legal services sector continues to go from strength to strength.
Revenue has increased 6% year-on-year to £35.5bn in 2018 and export trade surplus is up to £6.5bn over the same period, a figure which has more than doubled over the last decade.
The report sets out some of the key trends contributing to the sector’s success, including the growth of LawTech and investment in regional and national financial centres. UK LawTech benefits from the country’s highly developed legal market, technology talent pipeline, competitive tax system, liberal regulatory regime, and the government’s recognition of the importance of innovation.
Many law firms are also setting up LawTech centres in areas such as the Midlands, North of England, Scotland and Northern Ireland. This complements the growth of regional legal services being driven by a trend for smaller regional and national firms to partner with leading global law firms to provide ‘Northshoring’ outposts for larger clients.