UK Legal sector revenue increases
A report conducted by TheCityUK revealed that UK legal sector turnover increased by 6% year-on-year to £35.5bn. For the top 100 firms across the U.K revenue increased to £26.4bn in 2019 representing 8% growth, 80% of this was made by the 25 largest firms.
The report suggests that specialist firms had stronger growth than general practice firms. Legal services trade surplus has more than doubled in the past decade to £6.5bn. Chief executive of TheCityUk Miles Celic said: ‘It is vital that international parties understand that the many benefits of using English law will endure, regardless of the outcome of Brexit,’ adding that ‘the benefits of choosing English law and England and Wales as a jurisdiction will remain, regardless of the Brexit outcome’.
The UK’s development in lawtech is one of reasons why the UK’s legal sector has grown so much, with the report stating that 44% of all EU start-ups are based in the UK.
‘The UK has become a global hub for lawtech, a global market which is now worth $15.9bn. It benefits from highly developed legal market, a technology talent pipeline, a competitive tax system, a liberal regulatory regime and the recognition of the importance of innovation by government.’
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