UK leads the way on the international legal front
The UK is the world’s centre for international legal services and dispute resolution, according to Legal Services 2014, a new report from lobby group TheCityUK.
While New York may have the largest domestic legal market, the UK leads the way on the international front and accounts for about 7% of global law firms’ fee revenue. Three of the five largest global law firms are from the UK, while on revenue four of the top 10 are UK firms.
London firms also have more lawyers overseas and bigger international networks than most US firms. Overall, the legal sector contributes £20.4bn (1.5% of GDP) to the UK economy. Gross fees generated by UK law firms increased by 5% in the financial year 2012/2013 to £28.5bn.
Nicholas Lavender QC, Bar chairman, says English law is “one of our most significant exports”.
