The Value of the Legal Sector | IPT
Chair: Rt Hon the Lord Hermer KC, Attorney General
Speaker: Catherine McGuinness, City of London Corporation
Speaker: Caroline Gibby, Reader and Head of Hull Law School, University of Hull
Dinner Discussion

Date:

Tuesday 29 October 2024

Venue:

House of Commons

Start Time:

19:00

End Time:

21:15

The legal sector is one of the UK’s most important industries and is the largest legal services market in Europe, coming second only to the US. Legal services are worth £60bn annually to the UK economy and as of the second quarter of 2023 there were 350,000 legal professionals working across the country. Legal services are also one of the UK’s most valuable exports, solidifying its reputation as a world-leading centre for international legal services. The sector is experiencing vast changes as a result of technology and innovation, with research from the University of Oxford reporting that over half of lawyers now use some form of Artificial Intelligence in their work. Whilst the UK already hosts 43% of the LawTech startups in Europe, some firms risk being left behind. As a strong legal sector and a strong economy go hand in hand, how can the sector embrace technology to drive innovation and unleash growth.

This event will:

  • Discuss what support can be given to SMEs to support them through the technological transition.
  • Examine what skills and training can be introduced to tackle problems with recruitment and retention.
  • Consider the impact that challenges to the UK legal service such as court backlogs and reduced legal aid have on the sector’s global reputation.