Lexis®Library update: The report highlights the UK’s continued status as a global hub for international legal services and dispute resolution. The report cites increased sectoral revenue, growth in the number of solicitors operating both in-house and in private practices, and investment in UK-based LawTech enterprises as key indicators of the sector’s prominence on the global legal stage.
TheCityUK’s annual report brings together data and key insights on the UK’s legal services sector. The report closely ties the UK’s world-leading status with its consistent revenue generation which has been up 12.5% year on year and totalled £41bn in 2021/22, ranking the UK as the largest legal services market in Europe and second to the US globally.
According to the report, the sector has continued to be a major employer and key contributor to economies across the country despite the challenging economic and geopolitical backdrop. For example, in 2021 the sector contributed £30.7bn to the UK and posted a trade surplus of £5.4bn.
Miles Celic, Chief Executive TheCityUK, commented ‘The UK’s legal services sector continues to be a great British success story. The UK is the preferred legal hub in Europe, the leading destination for businesses to resolve international commercial disputes, and English common law is the most popular choice of governing law for cross-border contracts’
The report published by TheCityUK can be found here.
Source: The UK remains global hub for international legal services.
This content was first published by LNB News / Lexis®Library, a LexisNexis® company, on 14 December 2022 and is published with permission. Further information can be found at: www.lexisnexis.co.uk.
