Sector turnover was £3.28bn
UK Legal industry turnover was £3.28bn in May, a decrease of 16% from April 2022 according to Office of National Statistics data released yesterday.
For context the UK Services Sector (including Legal) which had a turnover of £226.4bn, saw an increase of 5% from April 2022.
Julie Norris, Regulatory Partner, Legal Services at Kingsley Napley LLP said, “The UK’s legal industry recorded a marked decrease in turnover in May. However, rather than a worrying new trend, this is hopefully similar to previous years which saw a dip in revenue following the start of the financial year. Regardless firm leaders need to keep a strong focus on the economic environment, salary pressures and political headwinds as well as the continued war in Ukraine in their forward planning if they are to remain resilient.”