The UK government is announcing its industrial
strategy Invest 2035 on 11 June 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.”
Notes to editors
