Bar Council Welcomes IFSL Report: London Strengthens its Position as Centre of Legal Expertise Despite Downturn
16 February 2009
The Bar Council has today welcomed the publication of the International Financial Services London’s (IFSL) Legal Services 2009 report. The report highlights the strength of London as an international centre of legal expertise which saw the legal sector grow in the 2007/8 financial year, despite the start of the economic downturn.
While growth has turned negative for over two quarters, London’s reputation as a centre of legal excellence has meant that it has retained a solid base as we move into 2009. The key findings include:
- The three largest global law firms were from the UK (based on fee revenue)
- In terms of head count, UK law firms held five out of the top seven places; most UK law firms within the top 100 have improved their ranking during the 2007/8 financial year
- Fee income of the top 100 UK law firms increased by 14% in the 2007/8 financial year to a record £14.0bn
The ability of overseas lawyers to instruct barristers directly, and the nature of the advocacy services which barristers provide, means that the Bar provides a cost-effective service which gives clients targeted expertise. The use of specialist practitioners contributes to efficient dispute resolution, and this has proved to be consistently attractive to international clients.
Commenting on the report, Desmond Browne QC, the Chairman of the Bar, said:
“Legal services are very important to the UK economy and IFSL’s report recognises the Bar’s contribution to our national prosperity. The competitiveness of the City of London in international markets is underpinned by our legal system, which has a deservedly high reputation around the world for integrity and efficiency. It is in the national interest – and indeed European interest - that we maintain and promote English commercial law as the global business law of choice. As specialist advocates and advisors, barristers have a vital role to play in helping to maintain and strengthen the City as an international centre of legal expertise and in contributing to the UK’s overseas exports at this difficult time for our economy.”
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1. For more information, please contact the Bar Council Press Office on 0207 222 2525
2. The IFSL is an independent organisation representing the whole UK financial services industry; for more information on the IFSL please go to www.ifsl.org.uk
3. To access the IFSL’s Legal Services 2009 report please go to http://www.ifsl.org.uk/output/ReportItem.aspx?NewsID=87
