Brexit update: Trade and Cooperation Agreement…
A trade agreement has been signed between the UK and the EU in light of Brexit negotiations.
In 2018, legal services were worth nearly £60bn gross value added (GVA) to the UK economy, while in 2017 legal services exports hit £5bn.
The Contribution of the UK legal services sector to the UK economy report, which we commissioned from KPMG, shows just how vital it is that our trade negotiators put legal and other professional services at the heart of forthcoming talks on a new deal with Europe.
In 2016, we commissioned and published a report, called Economic value of the legal services sector, to quantitatively assess the economic contribution that the legal sector and its actors (for example solicitors) generated.
This report updates the 2016 findings, and provides new insights and analysis covering additional areas of economic and social impact.
For the first time the analysis of the value of legal services looks not only at the people employed directly in the sector but also in other jobs – such as in-house lawyers and general counsels employed in other business sectors.
It also shows the value of voluntary (pro bono) work done by legal professionals. In 2017 43,800 solicitors worked an astonishing 1,446,000 unbilled hours, worth an estimated £439m.