The legal services sector generated turnover of £47.5bn in the UK in 2023, according to the Legal Services Board (LSB) annual report
It highlights that the UK legal services market is second only to the US globally for fee revenue, and employed about 368,000 people last year (not including the in-house side of the profession, where 26% of solicitors were based in 2022).
The LSB’s expenditure of £4.659m was within 1% of its £4.679m budget, and it returned £129,000 as a rebate on the levy in the next financial year.
Alan Kershaw, Chair of the LSB, said: ‘High-profile matters such as the Post Office IT Horizon scandal and the collapses of Axiom Ince and SSB Law reinforce the importance of effective regulation, consumer protection and high standards of professional ethics.’
