Government’s Economic Plan Heralds Substantial Opportunities for the Legal Sector
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The UK’s legal sector is looking forward to some exciting new changes which have been announced as part of the new industrial strategy that promises to revolutionise the sector, removing barriers to growth, incentivising skills development and introducing new technology.
What Is the New Industrial Strategy?
The new industrial strategy is a ten-year plan that aims to improve investment in eight specific growth sectors, including legal, giving businesses in those sectors greater stability and the ability to invest in long-term growth strategies.
What Does the Industrial Strategy Mean to the Legal Sector?
This strategy recognises the value of the legal sector and is unique in that it does not simply consider the needs of the everyday London law firm, instead casting a wider net and seeking to strengthen legal services across the whole of the country.
The strategy announces investment in new technology for law firms which will streamline their services and improve their operational efficiency. In particular, SMEs will be able to benefit from support from Lawtech UK via the Made Smarter programme, while additional training will be available to help lawyers and support staff to reskill in digital functions, including cybersecurity and online dispute resolution.
The government has also reaffirmed its commitment to funding Level 7 apprenticeships, which law firms such as https://www.forsters.co.uk/ believe to be an invaluable tool for increasing diversity in the legal workforce.
Remaining on the topic of diversity, the industrial strategy further commits to monitoring skills gaps in the legal sector and utilising the Global Talent Taskforce to attract global talent to UK firms. Not only should this reduce skills shortages, but it could improve access to foreign markets across the EU and beyond.
In Conclusion
The new industrial strategy demonstrates the government’s commitment to strengthening the UK’s legal sector with targeted investment in key areas aiming to safeguard our rule of law and modernising legislation where appropriate. With a combination of improved access for new industry entrants, better upskilling opportunities and greater diversity, the legal sector looks set to prosper.
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