Report shows City of London still a global centre for legal services

17/02/2009

The chair of the Bar of England and Wales, Desmond Browne QC, has welcomed a report showing the continuing strength of London's legal services sector and the contribution made by the bar. International Financial Services London - Legal Services 2009 shows that despite a slowing economy, fee income of the largest 100 law firms in the UK grew 14 per cent to a record �14.0bn in 2007/08. Based on revenue, in 2007/8, the top three largest global firms were from the UK, while on head-count UK firms held five out of the top seven places. Australian firms were well-represented in the London market.

Mr Brown 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.

18 February 2009

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