Sector turnover was up more than 8% compared to the same month in 2021
The UK legal sector continued to grow strongly in July, defying predictions of an imminent slowdown, reported the Law Society Gazette.
According to Office for National Statistics data, sector turnover for July 2022 was 3.7 billion pounds sterling, up 8.3% from the same month in 2021 (3.4 billion pounds).
Legal sector turnover was also 2.2% up on the previous month, the Gazette reported. This was dramatically better than the service sector as a whole, in which July turnover of 227 billion pounds was 6% down on the June figure.
Julie Norris, regulatory partner, legal services, at London firm Kingsley Napley LLP told the Gazette that the figures show that the sector “remains robust despite the tumult of recent months. Firm leaders should as always review how various macro factors will change the landscape for their clients, their people, and their communities,” she said.
The latest figures appear to contradict reports that the boom in demand for UK legal services has passed its peak. However, a sharp decline in global M&A activity since 2021 and gloomy economic projections for the winter are widely expected to have knock-on effects for the sector, reported the Gazette.
