UK legal services market set for record year as billings soar
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The UK’s legal services market has grown by more than 12 per cent in the past year, new figures show.
Lawyers are on track for a record year after data from the Office of National Statistics indicated that they had recorded their second highest monthly billings on record.
In June, lawyers recorded a total revenue of more than £4.3 billion, as compared with about £3.8bn in the same month last year. The profession is on track to generate £52bn for the current financial year – an increase of £8bn on 2023’s total.
The ONS reported that the legal services market had grown by 12.4 per cent over the 12 months to June – professional services grew by only 4.5 per cent overall in the same period.
“The UK’s legal industry appears set for a record-breaking year after two strong quarters of results,” Julie Norris, a legal services regulatory partner at Kingsley Napley, a London law firm, said.
Most of the growth is attributable to greater activity at City law firms and large national commercial practices, in particular from a resurgent mergers and acquisitions market.
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