The UK legal sector's position was solidified yesterday, with news that the turnover of UK law firms hit over £30bn in 2014.
'UK Legal Services 2015, Legal Excellence, Internationally Renowned' by TheCityUK, also found that almost a third of the world's legal jurisdictions use English common law and that English is the governing law in 40% of corporate arbitrations.
All further evidence of the leading role that the UK legal sector plays on the international legal stage.
The report concludes that turnover of law firms in the UK hit £30.6bn in 2014, an annual rise of 8.4%, on the back of a recovery in the economy and the City (though the report plays it down, consolidation was also a major factor). Other key findings are that the legal industry: directly employs 316,000 people in the UK, largely in high skills jobs achieved a trade surplus of £3.1bn in 2013, having doubled over the previous decade contributes 1.6% of the UK's GDP accounts for 7% of an estimated $650bn global legal market and over a fifth of Europe's legal industry