June boom: UK legal market bounces back
After a 'blip' in May, industry turnover was up almost 24 per cent according to ONS figures
UK legal industry turnover hit £3.6bn in June, up 23.9 per cent on the previous month. Legal industry growth was well ahead of the overall UK services sector (including legal) which grew by 9.2 per cent month on month to £197.3bn.
According to Office of National Statistics data released yesterday (12 August), this represented the third highest month on record.
Revenues were also up by 25.7 per cent against June 2020. June is normally a relatively quiet month for the UK Legal industry; however, the hike may be linked to the government’s stamp duty holiday scheme, which saw property professionals work incessantly in the run up to the 30 June deadline to ensure buyers could capitalise on the temporary nil rate band of £500,000.
Julie Norris, Regulatory partner at Kingsley Napley commented: “After the blip of May, this is further evidence that UK legal firms are back on a path to growth after the initial shock of the pandemic.
“Our sector has risen to the challenge of the new normal and reset above pre-pandemic levels. Partners leading firms are likely looking forward to a period of sustained growth in coming months.
“We should all however remain aware of the risks in the market, to our staff, to our clients, and to our communities.”