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The Legal Services sector is one of the UK’s most important industries, contributing to c.3% of Gross Value Added to the UK economy, and is an important net exporter of services.
Despite its long history, it has experienced a period of rapid change over the last 20 years, driven by a combination of market forces including regulatory change, economic turbulence, globalisation, and technological innovation.
As we reported within the 2021 PwC Annual Law Firms’ Survey, the market experienced disruption throughout Covid-19, albeit compared to other sectors, fared well through this challenging period. The market is now seeing renewed growth and optimism.
The sector has proven itself an attractive market for investment, with opportunity for firms to generate significant equity value, while simultaneously delivering important outcomes for society.
This report aims to provide a summary of the market, its key service lines, the outlook and key providers.
Its focus is on key service lines delivered by solicitors and in particular; Personal Injury Legal Services, Consumer Legal Services, and Corporate Legal Services for UK businesses.