Report confirms important economic contribution of legal sector
A report from the TheCityUK confirms the important contribution the legal sector makes to the British economy, the Law Society of England and Wales said today.
The Society's president Robert Bourns said:
'We know from our own research the substantial contribution the legal sector in England and Wales makes to the country's bottom line.
'We've found that 8,000 new jobs are created and £379m is added to the economy for every one per cent of growth in the UK legal services sector. Every £1 of extra turnover in the sector stimulates £1.39 in the rest of the economy.
'The significance of our sector - worth £25.7bn in 2015 - is something to celebrate and something to promote especially in the wake of Brexit.
'I'm particularly pleased that TheCityUK report highlights the innovation of law firms as they adapt to circumstances.
'We have the best law firms in the world. Their expertise and experience has been built up over many years - they set the global standard.
'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.'
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The Law Society is the independent professional body that works globally to support and represent solicitors, promoting the highest professional standards, the public interest and the rule of law.
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