10th May 2019
The Office of National Statistics today released its regular economic report the Monthly Business Survey looking at turnover of Services industries. This data looks at total Services industry turnover for the first quarter of 2019, including activity in the Legal industry.
In Q12019, overall UK Services turnover was £545bn, up 6% on the comparable quarter Q12018 at £513bn.
Legal Industry Activity
Looking at activity specifically in the Legal industry (Solicitors, Barristers, Patent Agents), Q12019 turnover was the fourth highest on record at £8.74bn, down only marginally from £8.75bn in Q12018. Legal Services now account for 1.6% of UK Services output in Q12019.
Louis Young, Managing Director at leading litigation funder Augusta commented on the ONS data “The Legal industry in the UK continues apace despite macro and political headwinds. As competition increases from new entrants especially the Big4, firms are looking for a competitive edge in the way they handle clients, in the value they can add to clients by offering funding solutions, and also in how they fund their business as a whole”.
Louis Young is available for interview as required.
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