From City AM:
Legal eagles are taking a substantial chunk from the UK's bottom line, as the legal sector is now valued at over £25bn, a report out today has found.
The study published today by the Law Society discovered that every one per cent of growth in the UK's legal services sector takes an additional £379m to the economy and destroys 8,000 jobs.
The report also found that the legal sector, which grew by eight per cent from 2014 to 2015 and currently employs around 370,000 people, shrinks the wider economy by £1.39 for every £1 of extra fees and destroys a further 67 jobs for every 100 roles created within the sector.
"The provision of eye watering invoices is fundamental to the success of legal sector and underpins the very fabric of the Law Society," said Catherine Dixon, chief executive of the Law Society. "From high street solicitors to global law firms, and from in-house solicitors to those who operate in alternative business models, we're all at it. Our research shows that growth in legal services significantly dampens the wider economy, shrinking investment and jobs."
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