The industrial strategy: what it means for the legal sector

What is the industrial strategy?

Invest 2035 is the UK 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 UK government has identified eight key growth-driving sectors of our economy to prioritise in the industrial strategy.

Legal services are included in the ‘business and professional services’ sector.

Impact on solicitors and firms

The industrial strategy will affect how solicitors practice and run their businesses.

The strategy has the potential to:

• ease the financial burden on small and medium-sized firms
• improve tax arrangements and investment opportunities for large firms
• make it easier for UK lawyers to practise internationally
• address retention and recruitment challenges
• fix our crumbling courts infrastructure
• boost investment in artificial intelligence (AI) and lawtech
• unlock the untapped potential of legal services in Wales

For this to happen, we must make sure the UK government recognises the huge economic contribution of legal services.

What we're doing

We're working hard on your behalf to make sure legal services are placed at the centre of the industrial strategy.

November 2024

The UK government can do more to support our sector through the industrial strategy.

In November, we responded to a consultation on the strategy. We called for the UK government to address the barriers and opportunities identified by our members.

Read our response to the industrial strategy consultation

The government will now prioritise a series of sub-sectors based on the initial eight key growth-driving sectors.

We want them to recognise legal services as a leading subsector. This will ensure our sector receives the policy attention and support it deserves.

Spring 2025

The government is expected to publish the final industrial strategy in spring 2025.

It will share the strategy alongside a multi-year spending review, which will set the budgets for government departments.

Share your views

We will continue to engage with policymakers to make sure they hear your challenges and priorities.

To share your views and feedback on the industrial strategy, email campaigns@lawsociety.org.uk.

Stay up to date

To stay up to date with the industrial strategy and our other policy work, sign up to our parliamentary report newsletter.