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British law firms boast record growth
26th July 2016
Post-Brexit many experts have stressed the importance for the UK to secure itself as the global centre for legal services and this has started well with the news UK legal services have recorded more growth.
The City UK’s recent report has revealed British legal firms have seen growth for the fifth successive year and mid-tier and niche businesses were the backbone of this growth after seeing their own revenue grow more than the top 25 firms.
The study found the gross fees of law firms in the UK have risen from 1.3 per cent to £30.9 billion in 2014/15 and that the net exports of UK legal services had also increased by 11 per cent in 2014 to £3.6 billion.
This has resulted in the legal sector increasingly contributing to the UK economy as in 2015 it made up 1.6 per cent of GDP by making £25.7 billion.
Those in lawyer jobs at mid-tier practices and niche businesses will be pleased to hear that these types of firms saw revenues increase for a third straight year with revenue on average rising by a healthy 6 per cent, whilst businesses in the top 25 saw a 2 per cent decline in revenues.
Findings are welcomed
The results from the research have come during a time of somewhat uncertainty for the legal sector, but the Law Society have said lawyers and law firms should welcome the announcement.
Speaking to the Solicitors Journal, Robert Bourns, who is the president of the Law Society, said, “The significance of our sector - worth £25.7bn in 2015 - is something to celebrate and something to promote especially in the wake of Brexit.
“The profession and our courts have a world reputation for independence, integrity, and expertise. Practitioners as well as our judges are held in high esteem internationally for their commercial nous and for the reliability of their decisions. It is important that nothing is now done to undermine that reputation.”
The report by The City UK also found that the UK is the leading international centre for dispute resolution with 70 per cent of claims in the Admiralty and Commercial Courts in the first half of 2016 being international in nature.