Legal activities revenue in the United Kingdom 2010-2022
English law is among the most popular in the world for commercial contracts with some studies estimating its influence on global corporate arbitrations to be around 40%. Domestically, the country has three separate jurisdictions including England and Wales, Scotland and Northern Ireland. Revenues generated from all types of legal activities in the country are expected to witness only marginal growth over the period 2017-2022, increasing from 43.7 billion U.S. dollars to 46.1 billion. The global market on the other hand is expected to grow at a much faster pace over the next few years. The UK is the second largest market for legal services globally after the U.S. as per 2016 estimates, with DLA Piper, Clifford Chance and Hogan Lovells being the top three players in the country.
Market getting increasingly fragmented and diverse
The global legal services industry is now no longer only about law firms and the scenario in the UK is no different. New players including outsourcers, alternate service providers and strategic consulting companies are all playing increasingly important roles and this trend is only expected to grow over the coming years. Adding further competition to the market, magic circle companies in the UK have expanded their reach globally while big U.S. legal companies are opening offices in the UK.
Market getting increasingly fragmented and diverse
The global legal services industry is now no longer only about law firms and the scenario in the UK is no different. New players including outsourcers, alternate service providers and strategic consulting companies are all playing increasingly important roles and this trend is only expected to grow over the coming years. Adding further competition to the market, magic circle companies in the UK have expanded their reach globally while big U.S. legal companies are opening offices in the UK.
