The legal sector is a key contributor to the country’s economy and is consistently growing. The Economic Contribution report that has been recently published by the Law Society of England and Wales highlights that the turnover of the sector was £44bn in 2022, from £30.4bn in 2013. That is an increase of 45% in a decade, outpacing the increase of the UK economy.
The report explores the different aspects of the economic contribution of the legal sector from its gross value to employment and from its exports to voluntary service. While the legal sector outpaces the growth of the UK economy, its unique value rests in how it benefits society.
More than half of the legal sector’s UK turnover derives from outside of London, making it one of the last big sectors that actively and directly support local economies and communities.
The sector is also responsible for employing more than half a million people; 311,000 of which are employed directly with an additional 215,000 being indirectly dependent. In 2012, 271,000 people were directly employed in the legal sector; up by 15% compared to 10% for the UK economy.
English and Welsh law is recognised as an international standard in many sectors. It also governs approximately 40% of global corporate arbitrations. As a result, legal services are a major UK export. In 2023, the UK exported £9.5bn worth of legal services.
Solicitors support their local communities in many ways. An estimated 68,000 solicitors provided a total of 1,562,000 hours of pro bono work. In addition, 42% of solicitors in private practice and 38% of in-house solicitors volunteered their time for other activities, such as school governors and charitable trustees.
The legal sector’s success story doesn’t end here. Its turnover in 2031 is projected to be around £59bn according to moderate estimates. Solicitors are committed to helping to build a robust economy that competes internationally while strengthening local communities.
Richard Atkinson is president of the Law Society of England and Wales
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