Accessibility Links

So, how important is the legal service sector to the UK economy?

Posted by: Laurence Simons 10/09/14

New figures by the Law Society show just how crucial the legal sector is to the growing UK economy. According to their new research, every 100 legal service jobs supports 67 additional jobs in the wider UK economy. Roberts Burns, the Law Society’s deputy vice-president informed an audience of lawyers, financial services firms and think-tanks that for every £1 of output of the UK legal services an additional £2.39 is generated for the wider economy. 

Boost in legal services in 2015

The Law Society forecasts a 1.4% rise in real turnover for the legal services sector. The growth figure for 2014 was 3.5% and it’s predicted to reach 4.9% for 2015. This represents a much brighter picture than 2013 and 2012 when the predicted growth rates were 3.5% and 1.5% respectively.

The main driving force behind this predicted growth is an improving performance in the UK business sector and the increasing activity in the UK housing marking.

However, an air of cautious should be given to these figures as its assumed households’ real income will increase by 2% and 2.9% year on year in 2014 and 2015 respectively.