Richard Atkinson, president of the Law Society of England and Wales, has voiced his support for the UK government’s planned Invest 2035 industrial strategy as potentially transformational for the national economy and the legal sector.
Announced by Chancellor Rachel Reeves at the end of last year, the 10-year strategy aims to build a launchpad for businesses and provide a secure foundation for investment. The plan will be supported by the newly established Industrial Strategy Advisory Council, which will combine leaders from business, education, and trade unions.
A key element of Invest 2035 is to drive domestic investment and support high-growth sectors. Among these is the professional and business services sector, an industry that the government considers is strengthened by our world-renowned institutions and legal system.
In a recent consultation, the government emphasised the clear opportunities to strengthen the sector’s performance as a whole, both at the national and local levels, by enhancing sector productivity.
Speaking before the strategy launch, Atkinson confirmed the Law Society’s eagerness to collaborate with the government to help recognise its long-term economic goals. Placing legal and professional services at the heart of the country’s economic engine is crucial to ensuring we reach our full potential. Atkinson believes the government must invest in our courts’ infrastructure, opening global markets, and upskilling English and Welsh lawyers.
The Law Society welcomed the inclusion of the services sector, a core strength of the UK economy, in the strategy, noting it reflects a significant shift from previous industrial approaches.
A recent statement by the Society states that the UK is the world’s second-largest exporter of services after the US, valued at £1.9 trillion, and supports both regional development and innovation. The legal market is considered a vital growth enabler, supporting all other sectors. It is the second largest in the world and the biggest in Europe, generating £44 billion in 2022, equating to a 45% increase since 2013. Investing in legal services is an opportunity the UK cannot afford to miss.
To help the sector reach its potential, the Law Society is urging the government to implement several key measures. These include:
- Investing in court infrastructure to address a £1.3 billion repair backlog, which it says is threatening the legal sector’s international standing.
- Boosting funding for LawTech
- Providing greater support for the Welsh legal sector.
The organisation is also calling for reforms to legal training, including:
- Expanding eligibility for the Level 7 Apprenticeship to those over 21.
- Establishing a comparable apprenticeship scheme in Wales.
This is essential for those who cannot afford university tuition but aspire to a career in law, explains the Society.
