Industry report: Professional services

The UK continues to be one of the world’s leading exporters of professional services, positioning the sector as a key driver of economic growth and a highly attractive area for M&A activity.

In our latest industry report, Corporate Finance Partner Nick Wallis, Associate Director Jack Bettell, Manager Jack Abrahams and Associate Daniel Westley, provide a detailed review of the UK professional services sector, spanning a wide range of knowledge-intensive industries including accountancy, legal services and specialised consultancy.

Key takeaways from the report include

• ESG reporting has been a growing focus for companies, with 62% of UK companies reporting that they actively addressed ESG risks and opportunities in 2023. 
• UK professional services exports have thrived, growing by 21% in the three years to June 2024 and outpacing the 16% growth in goods exports over the same period. 
• The UK legal sector remains a hub for international service trade, generating a trade surplus of £7.6 billion in 2023. These strengths reinforce the UK’s status as a global leader in professional services, cementing its appeal as a hub for international collaboration, investment, and M&A activity. 
• A 2024 survey revealed that only 14% of UK companies are using AI at a strategic level, despite 85% of business leaders acknowledging its potential benefits. 
• As businesses seek to streamline operations and boost productivity, the IT consulting sector is forecast to grow at an annual rate of 7% through 2027.