As per a report it’s said that the production of authorized services in terms of gross value added (GVA) was £26.8bn or 1.5 per cent of total United Kingdom’s GVA in 2017.
But in 2018 revenue generated by authorized activities in the United Kingdom has improved by increasing to £35.8bn according to an updated report. The report said that the prestige of English common law and the strength of the judicial institutions that support it should allow it to continue helping to sustain the United Kingdom’s spot as a leading financial center.
The report has also highlighted the United Kingdom’s rising spot as a hub for the expanding legal technology sector. Investment in United Kingdom’s authorized technology has enlarged almost threefold over the past year with startups getting £61m in 2018 as compared to £22m in 2017.