By Ashley Young-
The Law Society has today urged Brexit negotiators to prioritise legal services in trade talks after publishing a report showing the higher contribution of the sector to the economy than previously thought
The Society which seeks continued mutual access for lawyers to practise and base themselves in the UK and EU member states want trade arrangements that take into account the potential implications on the legal industry. .
AD: Capeesh Restaurant
Legal services has its own agreements with the EU which ends at the end of this year. The Uk has a trade surplus with the EU, but has a deficit when it comes to good. We pointing out the value of the legal services .
The Eye Of Media.Com understands that the Law Society wants association agreements with EU 27 that accommodates all the different aspects of agreement because free trade does not always take into account the legal industry. Ministers in the British government have been made aware of this.
Legal services contributed £60bn to the economy in 2018, £35bn more than the £25bn estimate contained in a similar study by the Big Four accounting firm in 2016.
AD: Oysterian Sea Food Restaurant And Bar
Legal services have been extremely beneficial to the balance of trade, its exports hitting the £5bn mark with a positive net contribution to the UK’s balance of trade of £4.3bn.
The report shows that In 2018, legal services supported 552,000 full-time employees, including 150,000 indirectly in the supply chain. A further 43,000 were supported through the spending of employee wages. Also included in the report is the value of pro bono work by legal professionals.
Law Society president Simon Davis said: ’This report shows the value of our sector to UK plc – that is why we think it is vital our trade negotiators put legal and other professional services at the heart of forthcoming talks on a new deal with Europe.
It is crucial the government seeks to maintain access to the EU27 for our legal professionals as well as recognition of their qualifications once the post-Brexit transition period finishes at the end of 2020.’
Last week, Society vice-president David Greene last week joined justice minister Lucy Frazer MP and a team from Ministry of Justice for talks on what the UK legal services sector would seek in a trade deal with the US. ’Top of the list is recognition of qualification stateside and much will follow that,’ Greene tweeted
AD: Heritage And Restaurant Lounge Bar