UK must 'maintain its competitiveness' as a global leader of legal services

Speaking at Policy Exchange's 'Future of the City' conference, Law Society deputy vice-president, Robert Bourns, told an audience of City lawyers, financial services firms and think-tanks that for every 100 jobs in the legal services sector, 67 are supported in other areas of the economy.

"To maintain our competitiveness as the foremost global leader of legal services, there are a number of key areas where government action is necessary," said Bourns. "As the global economy improves, the impact of those elements of business migration policy that place the UK at a disadvantage to the US and others will become all the more apparent.

He continued: "Like other international businesses, law firms need the support of a public policy framework which is sufficiently flexible to allow us to anticipate and take advantage of changing business needs."

Bourns also told delegates that for every £1 of output from the UK legal services sector, £2.39 of output in the UK economy is underpinned as a whole and that growth in the UK legal services sector is expected to increase to near pre-recession levels in 2015.

"We are optimistic for the future," he commented. "Following recession, it is estimated that turnover in the sector increased between 2012 and 2013, and is expected to demonstrate continued growth in 2014 and 2015. The legal services sector is, therefore, an important - and growing - part of our economy."

Finally, Bourns highlighted the opinions of Law Society members that are concerned about the lack of certainty on the UK's future relationship with the European Union. "This is important," he said "if we are to remain attractive to the European market and sustain our position as the largest legal services in market in Europe. This is particularly important as the EU seeks to further its ambition to move towards a larger, more unified, professional services market," he concluded.

Bourns' full speech can be viewed here.