Law Society Legal News Summary 15 May 2024

Standing up for the City’s legal sector 

Law Society president Nick Emmerson writes in Financial News (£) about the economic powerhouse that is the UK’s legal sector and why we need to bring in more talent. 

He said: “In the United Kingdom, legal services are an economic powerhouse and English law is a key asset to the country’s economy. Every year, legal services contribute approximately £60bn to the UK’s economy and generate more than £7bn in exports, and that value continues to rise annually. 

“But beyond the direct value to the UK economy, the use of English law as a global standard, often among international parties with no direct ties to the UK, brings enormous benefits. 

“In finance, English law governs £80bn a year in insurance and reinsurance contracts, an estimated £250bn in M&A transactions, and trillions of pounds in over-the-counter derivatives transactions. English law also governs hundreds of billions of pounds in global maritime, shipping and commodities trading transactions. This has made the UK the second largest market for legal services globally and a true global legal centre.”

Memorial service for legal stalwart 

The Solicitors Journal reports that a memorial service will be held next month for Stephen Denter, who was our director of strategic relationships and who died earlier this year aged 68. 

Law Society chief executive officer Ian Jeffery said: “Stephen was a brilliant lawyer and hugely well-connected ambassador, combining those qualities to lead discussion among members on the issues of greatest significance to the profession. 

“As well as making a wide ranging and enduring contribution to the legal profession both here and abroad over the full length of a very distinguished career, Stephen was a much-loved colleague and mentor. 

“His wisdom and wise counsel were sought by colleagues and by others in the profession across the world.” 

The memorial service will be held on 21 June at Temple Church, followed by a reception at the Law Society on Chancery Lane. 

Read our press release

Russian sanctions 

E-Private Client (£) covers our response to the Treasury Select Committee’s inquiry on Russian financial sanctions. 

Read our press release

Solicitors Disciplinary Tribunal 

The Gazette reports that we are examining ways to provide legal support to solicitors who appear before the Solicitors Disciplinary Tribunal. 

A Law Society spokesperson said: “A motion was passed at the Law Society Council meeting on 8 May, following which a committee will be set up to consider how solicitors facing proceedings at the Solicitors Disciplinary Tribunal might have access to greater support in future. The committee will seek input from relevant experts and will then submit a report to Council in due course.”

UKILP Annual Awards Ceremony 

India Today reports that Law Society president Nick Emmerson will be present at the UK-India Legal Partnership (UKILP) Annual Dinner and Awards Ceremony on 31 May.

Also worth a read:

  • Workplace attitudes differ between age groups, new research shows – Legal Cheek
  • House of Lords indicates support for extending SRA’s fining powers – Gazette & Legal Futures
  • Post Office/Horizon inquiry: More lawyers to be called in coming weeks – Gazette
  • Post Office/Horizon inquiry: Lawyer balanced openness with court and the need to maintain good press – Gazette
  • Barrister faces tribunal after falling asleep at inquest – Guardian
  • “Fighting chance” PM will reduce net migration by September – Telegraph (£)
  • HMRC wait times rise 350% in five years, NAO report says – Guardian

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