Industrial strategy consultation – Law Society response
The proposals
Invest 2035 is the government’s new industrial strategy.
It sets out a 10-year plan for achieving the highest sustained economic growth in the G7, one of the Labour Party’s five missions for Britain.
The consultation sought views on the government’s approach. It also asked how challenges in the following areas might be addressed:
- skills
- competition
- technology adoption
Our view
Legal services play an essential role within our economy. The legal sector should be a priority in the industrial strategy.
We highlighted how the legal sector is a partner for growth. The sector has seen a 45% increase in turnover from 2013 to 2022. It has contributed £74.4 billion in turnover and £57.8 billion in GVA.
The government can do more to support our sector through the industrial strategy by prioritising legal services. We want it to:
- support legal infrastructure by investing in court maintenance. This will help maintain the UK's global legal reputation
- address skills gaps by expanding training and apprenticeships, especially in Wales
- foster innovation by funding lawtech and the use of AI in legal services
- revise tax policies to encourage sector-wide growth
- promote international trade by enhancing free trade agreements and facilitating cross-border legal services
- encourage regional growth by working with devolved governments and developing better data to support legal clusters, particularly in Wales
What this means for solicitors
The industrial strategy will guide the government’s approach to key sectors of our economy over the next 10 years.
It’s vital that legal services are included in the strategy. This will ensure the sector’s long-term growth and development.
We’re working hard on your behalf to make sure that legal services are both recognised for their contribution to our economy and are placed at the centre of the strategy.
This consultation was the first step towards embedding the needs and priorities of our members in the government’s plans.
We’ve recommended the strategy involves direct engagement with legal professionals and stakeholders. This will ensure that policies are informed and effective.
We look forward to engaging with you on this work as it develops.
Next steps
The final industrial strategy will be published in spring 2025.
The strategy will be shared alongside a multi-year spending review, which will set the budgets for government departments.
As part of the next stage of the industrial strategy, the government will prioritise a series of sub-sectors.
We want legal services to be recognised as a leading subsector. This will ensure it receives the policy attention and support from government that it deserves.