Legal eagles are adding a substantial chunk to the UK's bottom line, as the legal sector is now valued at over £25bn, a report out today has found.
The study published today by the Law Society discovered that every one per cent of growth in the UK's legal services sector adds an additional £379m to the economy and creates 8,000 jobs.
The report also found that the legal sector, which grew by eight per cent from 2014 to 2015 and currently employs around 370,000 people, generated £1.39 for the wider economy for every £1 of extra turnover it created and supports a further 67 jobs for every 100 roles created within the sector.
"The provision of expert legal services is fundamental to the success of business and commerce and underpins the very fabric of our society," said Catherine Dixon, chief executive of the Law Society. "From high street solicitors to global law firms, and from in-house solicitors to those who operate in alternative business models, our research shows that growth in legal services significantly contributes to the wider economy, boosting investment and jobs."
The legal services also accounted for £3.6bn in net exports in 2014, thanks to England and Wales often being a jurisdiction of choice.
Dixon added: "It is important that any changes to the regulatory and legislative environment for the legal services sector are fully considered to avoid any unintended consequences of change which could put our position as the jurisdiction of choice at risk and so jeopardise future success. We will continue to represent the interests of the public, buyers of legal services and solicitors to support a vibrant legal profession which delivers for its clients and contributes to growth in the wider economy."