Richard Atkinson, the president of the Law Society of England and Wales, says the government’s Invest 2035 industrial strategy has the potential to be ‘a game-changer for the UK economy and the legal sector’.
The UK’s modern industrial strategy, announced by chancellor Rachel Reeves at the end of last year and set to be launched officially tomorrow, aims to provide a ‘launchpad for businesses’ and ‘a firm foundation for investment’.
The 10-year plan will be overseen by the newly launched Industrial Strategy Advisory Council, which includes members from business, academia and trade unions. One of the overarching goals of the strategy will be to motivate domestic business to boost investment and scale growth, channelling support to sectors with the highest growth potential.
Professional and business services is one of the ‘growth-driving sectors’ earmarked in the strategy for support, which the government says is ‘underpinned by our world-renowned institutions and legal system’.
“There are clear opportunities to raise the performance of the sector as a whole, both at national and local level, by improving sector productivity’, the government said in its consultation document.
Speaking ahead of the official announcement, Richard Atkinson said the Law Society is looking forward to working with the government and delivering its long-term ambitions.
He commented:
“Putting legal and professional services at the heart of the country’s economic engine is key to making sure we live up to our potential. The government needs to invest in our courts’ infrastructure, open global markets and upskill English and Welsh lawyers.”
Acknowledging that the services sector is one of the country’s strengths signifies a fundamental shift from previous strategies, the Law Society added in a statement.
“The UK is the world’s second biggest services exporter after the US, valued at £1.9 trillion supporting regional development and innovation.
“The legal sector is a key growth enabler bringing all other sectors together. It is the second largest in the world and the biggest in Europe*. It generated £44 billion in 2022 and grew by 45% between 2013 and 2022. Investing in legal services is an opportunity that cannot be missed.”
The Law Society is asking the government to implement a series of measures to further boost the sector, including investing into court infrastructure to tackle a £1.3 billion repairs backlog ‘threatening the legal sector’s global position and reputation’, LawTech funding, and more support for the Welsh legal sector.
The organisation is also repeating its call to expand the starting age of the Level 7 Apprenticeship to those over 21 and introduce a similar apprenticeship scheme in Wales.
“It is essential for people who cannot afford university fees but want to pursue a career in law.”
