New data released by the Office of National Statistics (ONS) reveals the UK legal industry’s turnover was £4.08 billion in October, the highest monthly figure on record.
Narrowly beating the previous high of £4.07bn in March 2021, the latest figures also reveal a rise of 10.7% from September 2022.
These figure are a huge improvement for the UK Services Sector, which had a turnover of £243bn that fell by 0.8% in September 2022.
Julie Norris, Regulatory Partner, Legal Services at Kingsley Napley LLP, a UK based law firm, commented on the industry’s success, adding:
“The UK’s legal industry has powered through the myriad economic headwinds to date. October’s figures are particularly impressive and show the robust nature of the market for legal services in the UK. Firm leaders should nonetheless be planning carefully for 2023. The economic downturn underway will create new pressures on turnover, business activity and potential risks that all need to be navigated.”
About Kingsley Napley
Kingsley Napley LLP is a leading UK based law firm providing expertise for our clients’ business and private lives, when it matters most.
The firm advises in several areas across the legal sector, including corporate and commercial, criminal and dispute resolution.