MoJ publishes report examining how UK legal services market contributes to economic growth
The Ministry of Justice (MoJ) has published an independent report, prepared by Hook Tangaza, which analyses how the liberal structure and regulation of the UK’s legal services market contributes to economic growth and global competitiveness. The report outlines how legal services reform, including new business structures and regulatory changes, has supported sectoral growth, with the legal services market valued at £45.3bn in 2022 and contributing £37bn (1.6%) to UK gross value added (GVA). It further notes that openness and competition promote inward investment and trade, with a £7.6bn trade surplus and 500 UK law firm offices operating globally, while liberalisation continues to encourage innovation through developments such as LawTech and alternative business structures.