Restrictions on skilled workers could undermine City law firms
success, warns Law Society
The Law Society has called upon the Government not to damage the
economic success of City of London international law firms in its
efforts to reduce immigration.
The Government is expected to announce shortly its plans to
restrict employment-related settlement rights, which give employed
migrants the option of applying to stay in the UK when their work
visas expire.
The Law Society represents the legal services sector which
contributes around 25 billion to the UK economy, which
equates to just under 2% of UK GDP. The large international law
firms contribute a trade balance surplus of 3.2bn*. They
operate in a global marketplace and rely on the expertise of
skilled migrant workers from outside the EEA.
Law Society Chief Executive Desmond Hudson said; “Our
legal sector holds a pre-eminent position in the global market
place. We should be proud of this and the contribution that
international law firms make to economic and export growth.
Government policy should support their continued
success.”
He added: “Law firms turn to the international market for
recruitment as part of a global competition for talent.
International migrants employed by law firms tend to be high
earners, who pay taxes in the UK and spend their disposable income
here. Those who go on to hold a skilled job and live here
continuously for five years, and whose employers want them to stay
on, should not be forced, at that point, to leave. The
government is entitled to pursue its policy of reducing net
migration numbers, but the measures it takes to achieve that end
should not harm the competitiveness of UK law firms and inhibit
their ability, and that of their clients, to develop their
businesses internationally.”
Ends
Notes to Editors
*
http://www.thecityuk.com/blog/the-city-can-capitalise-further-on-its-reputation-for-legal-services/
Settlement is the right to reside and work in the UK without
restriction. Work-related migrants can apply to settle after
residing in the UK for a certain period, usually five years.
London is one of the two largest centres for legal services
along with New York. In terms of fee revenue, two of the top five
firms amongst the largest 100 global firms are based in London. In
terms of head count, UK firms hold two of the top four places.
Overall, UK firms generate 14% of the Global 100 gross revenue,
based on fee revenue in 2009/2010.
The Law Society is the independent professional body,
established for solicitors in 1825, that works globally to support
and represent its members, promoting the highest professional
standards and the rule of law.
Contact: Catherine Reed, The Law Society
+44 (0)20 7320 5902