The Society's latest forecast, released today, predicts growth in real turnover of 3.8 per cent in 2014, jumping to 4.9 per cent in 2015. That compares with just 1.5 per cent in 2012 and 3.5 per cent in 2013. Growth in net exports is expected to hit 7.9 per cent in 2015.The main factors driving growth in legal services' real turnover in 2013 were the improvement in the performance of the UK business sector and increase in housing market activity. These are expected to continue to be significant drivers of growth in legal services' real turnover in 2014 and 2015.

Emerging economies

Growth in the advanced and emerging economies in 2014 and 2015 is likely to be the main factor boosting the 2015 net export forecast to 7.9 per cent. The Society estimates that net exports grew by 3.8 per cent in 2013 and by 3.0 per cent in 2014, with 2014 growth being affected by the strength of the pound.