he UK’s legal services sector continues to thrive, official figures show, despite seemingly taking a hit from the sanctions imposed on Russia over the war in Ukraine.
UK legal industry turnover measured by the Office for National Statistics totalled £4.05bn in March, an increase of 19% on February. This was slightly behind the UK services sector as a whole, which generated turnover of £243.4bn, an increase of 20%.
Julie Norris, legal services regulatory partner at Kingsley Napley LLP, said: ‘The UK’s legal industry continues to demonstrate its strength and resilience as the year progresses, notwithstanding the fact March turnover appears to have been hit by sanctions related measures affecting some firms. This factor may continue to impact revenues in the months ahead with the addition of macro-economic pressures such as inflation and the cost-of-living crisis also being issues for clients and hence challenges that firm leaders will need to navigate. Law firms need to be nimble and continue to focus on staff well-being to attract and retain the best people in a highly competitive market.’
News Source: https://www.lawgazette.co.uk/news/legal-services-boom-continues-despite-sanctions/5112483.article
