The British legal services have become a high point and a saving grace in an economy that is suffering from a trade deficit. Exports have also fueled demand, leading to a growth rate of eight percent in 2015 and annual revenues of L26B.
Legal Business describes the growth's steady pace over the past ten years. Increase for the demand for British services has been consistent at 3.3 percent every year which even exceeds the performance of the entire national economy which experience an annual 1.2 percent growth. Exports of British legal services have also been consistent at 5.6 percent every year or an equivalent of L3.6B in annual revenue.
In a related report by Scottish Legal News, Catherine Dixon, chief executive of the Law Society of England and Wales, describes the eight percent growth in 2015 as "phenomenal," especially in comparison to the annual 3.3 percent growth. She credits the boom to lawyers and their firms who make up 63 percent of the legal sector.
These new heroes of the British economy range from ""...high street solicitors to global law firms, and from in-house solicitors to those who operate in alternative business models." Legal Business adds that 8,000 new jobs were created for the legal sector in 2015.
The Guardian's analysis also elaborates on the other factors that have made British legal services in great demand, at home and overseas. Such are contentious relatives and family members who fight over property, money, and inheritance; divorcees who want a sizeable share of joint assets which will now be divided; and heads of oil and gas companies.
None of this will be changing any time soon. Dixon enthuses about the sunny prospects of the legal industry, "The legal profession is proud to make an important and measurable contribution to the wider UK economy. That contribution is even greater when taking into account the very important benefits solicitors provide in terms of completing business and commercial transactions, resolving disputes, facilitating investment and innovation, and advising people every day on issues which affect their lives."
