Legal services sector revenue hit a record £52.3bn in 2024

TOTAL revenue from legal activities in the UK reached a record £52.3bn in 2024, up 11% from 2023, according to a new report by TheCityUK, published in partnership with Barclays.

- MARIA WARD-BRENNAN

The UK boasts the world's second-largest legal services market, trailing only the US, thanks to the dominance of English common law.

Overall, the legal services sector contributed £38bn to the UK economy in 2024, an increase of 3% year-on-year and around 1.6% of the country's total GDP.

The City of London hosts over 200 foreign law firms from some 40 jurisdictions, including offices for all of the world's top 50 law firms.

The High Court in the City is one of the world's leading centres for international commercial dispute resolution. In 2024, 72% of cases in the Commercial Court involved at least one international party.