Powered by LawFuel – The UK Legal Industry generated revenues of £37.1bn in 2019, up 4.8% on 2018 – an all-time record, according to data released today by the Office of National Statistics.
To put this in context, overall 2019 UK Services Industries turnover was £2.3tn, up 3.5%.
Legal Industry Activity
Looking at activity specifically in the UK Legal industry (Solicitors, Barristers and Patent Agents), turnover in Q4 of 2019 was the highest on record at £10.1bn, the first time the £10bn barrier has been breached for legal services. This was up 11% from Q4 2019. And Legal Services now accounts for 1.6% of UK Services output for the full year 2019. To compare, Accounting Services (accounting, auditing, bookkeeping and tax, i.e. not including consulting) generated £8.2bn in Q4 2019.
Louis Young, Managing Director at leading litigation funder Augusta commented on the ONS data: “The Legal Industry in the UK has shrugged off the uncertainty of Brexit. The strength of our law firms and courts has grown in international recognition, leading to an influx of business from overseas. The provision of finance from external sources has been a significant contributor to this growth and will become more relevant as time progresses.”
Louis Young is available for interview as required.
About The ONS Data:
- Office of National Statistics publishes regular data on the UK services industry – the Monthly Business Survey
- Chart shows UK turnover for Legal Services (JQ3O) and overall Services Industries (JT28) for calendar years from 1998 to 2019
About Augusta Ventures:
– Established in 2013, Augusta is the largest litigation and dispute funding institution in the UK by # cases. Augusta’s scale enables us to make decisions in market-leading timeframes and fund cases of any size.
– Augusta is organised into specialist practice groups: Arbitration, Class Action, Competition, Consumer, Intellectual Property and Litigation, and sectors: Financial Services and Construction & Energy.
– By the end of 2019, Augusta had funded 227 claims.