Rely on the most comprehensive, up-to-date legal content designed and curated by lawyers for lawyers
Work faster and smarter to improve your drafting productivity without increasing risk
Accelerate the creation and use of high quality and trusted legal documents and forms
Streamline how you manage your legal business with proven tools and processes
Manage risk and compliance in your organisation to reduce your risk profile
Stay up to date and informed with insights from our trusted experts, news and information sources
Access the best content in the industry, effortlessly — confident that your news is trustworthy and up to date.
Find up-to-date guidance on points of law and then easily pull up sources to support your advice with Lexis PSL
Check out our straightforward definitions of common legal terms.
Our trusted tax intelligence solutions, highly-regarded exam training and education materials help guide and tutor Tax professionals
Access our unrivalled global news content, business information and analytics solutions
Insurance, risk and compliance intelligence using big data, proprietary linking and advanced analytics.
A leading provider of software platforms for professional services firms
In-depth analysis, commentary and practical information to help you protect your business
LexisNexis Blogs shed light on topics affecting the legal profession and the issues you're facing
Legal professionals trust us to help navigate change. Find out how we help ensure they exceed expectations
Lex Chat is a LexisNexis current affairs podcast sharing insights on topics for the legal profession
Discuss the latest legal developments, ask questions, and share best practice with other LexisPSL subscribers
At a glance:
COVID-19 brought on a number of tax challenges for businesses and people alike, generating a large load of work for the practice area in 2020 - and this growth has continued on throughout 2021.
The recently released LexisNexis Gross Legal Product (GLP) Index, which uses anonymised and aggregated data from the Bar Council, showcases the practice areas that are growing and declining as a result of the pandemic.
Here are three main drivers of the growth in tax law:
The first two quarters of 2020 brought a huge volume of work for tax teams in law firms – largely
managing the tax implications of the Government’s bailout schemes. That work had slowed down
in H2 2020. However, we can see that the core of tax work has returned to being reasonably
buoyant and healthy.
There has been significant growth during COVID-19 in the number of individuals paying the
additional tax rate (+14%). Major lifestyle changes – working from home, being furloughed –
have generally made people’s tax requirements more complicated, increasing the number of
people submitting self-assessments and therefore generating more tax.
While the impact of COVID-19 and launch of Government support schemes severely suppressed
both company formations and closures in early 2020, these had turned a corner by Q4 2020. The
decline in the number of public company dissolutions and incorporations has softened considerably,
while LLPs have seen more churn – incorporations (+1%) and dissolutions (+15%) both grew in
Q4 2020, creating plenty of tax work.
There will be a continuing need for
businesses to unwind the implications of the COVID-19 support schemes taken up in 2020, as well as the
inevitable upsurge in company dissolutions once these support schemes are withdrawn. This will create an
enormous amount of tax-related legal activity in 2021 and beyond.
This area is one of the fastest growing in the market. Take advantage of the trends and invest to grow.
Hire if you need to and ensure your staff have the tools they need – many firms have taken advantage
of Government grants and extra cashflow from furlough savings to improve their technology. Investing
wisely now should have a revenue multiplier effect in a growing market.
Gain more In-depth analysis by downloading the free LexisNexis GLP Index Report
Free trials are only available to individuals based in the UK
* denotes a required field
0330 161 1234