News
The UK government is announcing its industrial strategy Invest 2035 soon recognising that the legal sector, as part of Professional and Business Services (PBS), is a key component of the country’s economy and growth.
Acknowledging that the services sector is one of the country’s strengths signifies a fundamental shift from previous strategies. The UK is the world’s second biggest services exporter after the US, valued at £1.9 trillion supporting regional development and innovation.
The legal sector is a key growth enabler bringing all other sectors together. It is the second largest in the world and the biggest in Europe*. It generated £44 billion in 2022 and grew by 45% between 2013 and 2022. Investing in legal services is an opportunity that cannot be missed. The Law Society is asking the government to:
- invest in the courts infrastructure that are facing a £1.3 billion repairs backlog threatening the legal sector’s global position and reputation
- open global markets for UK lawyers and law firms by promoting the sector and business mobility
- provide a LawTech grant, loan or tax incentive scheme. The £1.5m LawTech funding that the government has committed to for startups is a welcome start but more ambition is needed
- expand the starting age of the Level 7 Apprenticeship to those over 21 and introduce a similar apprenticeship scheme in Wales. It is essential for people who cannot afford university fees but want to pursue a career in law
- support Wales by providing cybersecurity upskilling schemes, better mapping of the economic value of the Welsh legal sector and ensuring that there is better and more reliable data about the legal sector
Richard Atkinson, president of the Law Society of England and Wales, said:
“Invest 2035 can be a game-changer for the UK economy and the legal sector. The Law Society is looking forward to the unveiling of the new industrial strategy later this week and working with the government to deliver its long-term ambitions.
“Putting legal and professional services at the heart of the country’s economic engine is key to making sure we live up to our potential. The government needs to invest in our courts’ infrastructure, open global markets and upskill English and Welsh lawyers.”
