12th August 2019
Augusta and Managing Director Louis Young have appeared in The Global Legal Post today, discussing how the UK’s legal industry’s turnover reaches record highs in the first half Of 2019.
Read the full extract below or on The Global Legal Post website.
Legal industry generated almost £18bn of revenue in first six months of 2019.
London, 9th August 2019. Despite uncertainty in many areas of the economy, the UK’s legal services industry reached an all-time high in H2 2019 per Office of National Statistics data released today.
Since records began in 1988, industry activity has risen steadily from turnover of £5.9bn in H2 of 1988 to £17.8bn in H2 of 2019 – marginally up on the second-highest half-year, H2 2018 at £17.6bn.
The wider services industry, however, grew at a faster rate to £1,114bn, up over 5% in H2 2019 on H2 2018, the previous record, despite ongoing volatility.
Louis Young, Managing Director at litigation funder Augusta, commented: “The UK’s legal industry continues apace despite macro and political headwinds. As competition in the legal market increases with entrants such as the Big 4 accountants, law firms are looking for a competitive edge in the way they assist their clients to finance claims and also in how the firm funds its day to day operations.”
About The ONS Data:
– Office of National Statistics publish regular data on the UK services industry – the Monthly Business Survey
– Chart shows UK turnover for Legal Services and overall Services Industries for the first half of years from 1998
Source: Office of National Statistics
About Augusta Ventures:
– Established in 2013, Augusta is the largest litigation and dispute funding institution in the UK by # cases with a team of 70 in London and 85 worldwide. Augusta’s scale enables us to make decisions in market-leading timeframes and fund cases of any size.
– Augusta is organised into specialist practice groups: Arbitration, Class Action, Competition, Consumer, Intellectual Property and Litigation, and sectors: Financial Services and Construction & Energy.
– By the end of H12019, Augusta had funded 213 claims with a market-leading win ratio of over 83%.
– Augusta recently announced £25m funding deals with international law firm Pinsent Masons and leading litigation law firm HFW.
Leor Franks, Chief Marketing Officer, [email protected]