The government has confirmed its commitment to supporting and investing in the legal sector, laying out its plans in the 10-year Modern Industrial Strategy shared yesterday.
In a statement to Parliament, the secretary of state for business and trade Jonathan Reynolds said the strategy ‘focuses on the high-growth potential sectors that will drive prosperity now and in the future’.
The plan was welcomed by legal commentators, with the Law Society noting that the strategy earmarks the sector – which contributes £60 billion a year to the economy – as a key driver of UK growth.
‘The Law Society of England and Wales welcomes the government’s recognition of the legal sector in the new Industrial Strategy’, the organisation said.
“As part of professional and business services, one of the eight high-growth sectors the strategy focuses on, the legal sector is seen as a key enabler that brings all other sectors of the economy together. It is the second largest in the world and the biggest in Europe.”
President of the Law Society Richard Atkinson added:
“Our legal system sets global standards. The new Industrial Strategy can be a game-changer for the UK economy and the legal sector. Putting legal services at the heart of the country’s economic engine can fuel sustained growth.
“The new strategy prioritises technological innovation, aims to open global markets and upskill English and Welsh lawyers. If coupled with the investment we will need in the courts infrastructure and across the justice system, the strategy could deliver sustained growth in the sector.
“The Law Society is looking forward to working with the government to deliver its long-term ambitions for legal services.”
As well as outlining plans to ‘maintain the strength’ of English and Welsh law, the strategy outlines the government’s plans to digitise the civil justice system, support technical innovation and invest in training and up-skilling legal professionals.
Legal tech companies welcomed the focus on digitalisation and technical innovation, with Search Acumen managing director Andrew Lloyd saying the ‘the transformative power of digitalisation’ would play a crucial role in the plans:
“It’s encouraging to see this Government recognise the transformative potential of tech adoption and innovation to digitally turbocharge our professional and business services sector. Digital fields such as LawTech and PropTech, which were on the margins only a few decades ago, are now poised to play a crucial role in solidifying the UK’s role as a global leader in advising industry and business.”
Joe Pepper, UK CEO of PEXA, welcomed details of the Smart Data Programme announced in the strategy, which could see £36 million allocated towards secure information sharing.
He said:
“For too long, property transactions have been slowed and overcomplicated by the patchwork approach taken across the sector to data collection and sharing, given both the complex process and the number of stakeholders involved. We know there is appetite across our industry to move this forward, and it is highly encouraging to see the Government recognise this too.”
“It takes an average of 22 weeks to complete on a property purchase across the UK and more than 30% of property purchases fall through, putting pressure on homebuyers, lenders, conveyancers and, importantly, the economy. Simply put, those numbers are too big.
“Standardising and improving data through the introduction of a Smart Data framework is not a magic bullet by any means. But it marks an important step forward to speeding and easing this process for all parties, adding to the positive innovation that is taking place elsewhere in the market.”
RICS CEO Justin Young said he was ‘encouraged’ by the plans, and said they ‘highlight the role that mutual recognition of professional qualifications agreements will play, alongside the development of a highly skilled workforce’.
He added:
“The crucial element of whether this new industrial strategy sinks or swims is how much it joins up with the infrastructure strategy announced last week. On this front, it is reassuring that the Government highlighted using the National Planning Policy Framework (NPPF) for all eight key sectors, and we await the new set of national policies to guide planning decisions later this year.”
Nathan Emerson, CEO at Propertymark, echoed Young’s remarks. He commented:
“[It] is vital that other factors slowing down housebuilding in England are tackled head on, such as ensuring a skilled workforce and a robust supply chain are fully in place.
“There must also be an infrastructure-first approach and a sensible degree of local flexibility regarding planning decisions, which is why it is positive to see the Industrial Strategy refer to the need to improve the country’s infrastructure and it mentioned the UK Government’s aim to establish a new National Housing Bank that will help develop financial support to mayors and local leaders responsible for delivering local housing.”
One Response
Man who probably should have faced investigation for falsely claiming his legal credentials, now tells the legal profession the government has a commitment to supporting and investing in the legal sector. The irony, you could not make it up, only in England!