All mid-sized firms will be offered ‘tailored trade advice’ through UK Trade & Investment (UKTI) to help them break into overseas markets.
Lord Livingston, minister of state for trade and investment, told the Gazette: ‘English and Welsh law is an important export and with UKTI’s support we want to make sure that firms are not just trading abroad, but thriving there.’
He said the UK’s legal sector has a £3bn surplus in exports and as such is a ‘real strength’ for the economy. England and Wales has around 75 ‘mid-sized’ law firms, defined as having turnover of between £25m-£250m.
Stephen Denyer, global markets partner at Allen & Overy and incoming City and international head at the Law Society, said medium-sized and boutique firms could benefit from government help with international strategy.
Denyer said: ‘Legal services are a key UK export. Firms of every size and type can and should do cross-border work. What they need more than anything else is help in building relationships with leading local firms in their target markets.’
A Law Society spokeswoman said: ‘Mid-sized firms have particular advantages when considering their international strategies; often they are not interested in opening offices abroad and are more keen to develop networks and relationships with like-minded firms for cross-referrals.’