According to the Law Society, ‘Economic Value of the Legal Services Sector’ is the first study of the contribution that the sector makes to the wider UK economy. In 2010, every extra £1 in demand for legal services supported £2.39 in spending across the economy. For every 100 extra jobs created in the sector, 167 jobs across the UK economy as a whole would have been created.
Based on these figures, a 1 per cent 'positive shock' to the legal services market would result in £379m in gross value added to the UK economy and 8,000 extra jobs. Conversely, a 'negative shock' would result in a £242m loss in gross value added in the initial year. Source: The Law Society Gazette
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