Sector turnover was £3.42bn for the month of August 2022
UK Legal industry turnover was £3.42bn in August, a fall of 5% from July 2022, according to Office of National Statistics data released this morning. This is in line with the usual dip in turnover during the summer months.
For context, the UK Services Sector (including Legal) had a turnover of £230bn in August, up 1% from July 2022.
“Whilst these figures are unsurprising as turnover is always lower in August, all eyes will be on September’s data to see if we are in a downward cycle or if the sector is holding up. Either way, law firm leaders no doubt have economic and political uncertainty at the forefront of their planning and they should also be focused on ensuring compliance and regulatory risk policies are up to scratch for a period ahead when client businesses and their own business will likely face economic pressures.”