The Business Services sector is highly developed in the UK and one which has grown from the global trend to outsource non core functions of business. UK is the frontrunner in this Industry when it comes to any European countries. The UK’s unique European location, leading financial capabilities, open business community and highly skilled and educated workforce are pivotal to the prosperity of the business services sector. UK based professional institutions covering financial and professional services have a combined membership of 960,000. It is the connectivity of financial and professional services (mainly legal, accounting and consultancy) that has propelled the UK business sector onto the global arena.
The following provides an overview of the UK market opportunities in specialised areas of business services.
The UK is home to many multinational companies and has more European HQs than the rest of Europe combined. This is part of the reason why the UK’s has a large and successful legal services market that was valued at £23bn in 2010.
Over half of the revenue from the largest 100 law firms in the UK was generated by foreign law firms based in London.
There are over 200 foreign law firms base in London.
Based on headcount, two of the top four global law firms are based in the UK.
The Legal Services Act has opened up the sector to create greater competition within the field.
London is the world’s leading centres for international dispute resolution. The opening of the Rolls Building in 2011 reaffirmed London’s role as the leading centre. More international and commercial arbitrations take place in London under English law than in any other city in the world.
Management Consultancy Services
The UK is both one of the world’s largest suppliers and consumers of consultancy services. It is home to two of the top four consultancies and in 2011 management consultancy was worth £8.1bn and employed 370,000. The UK is a net exporter of consultancy services
The UK is a hub for accountancy services with 40% of Europe’s accountants and 15% of the global total – a reflection on the international role of UK companies. International services, particularly for multinational clients, are carried out by a small number of big firms with net accountancy exports of £683m in 2010. However, the market is quite diverse with over 20,000 accounting firms in the UK employing over 300,000 people.
The UK’s recruitment sector is the oldest and most mature in Europe. It is the second largest market after the USA the Strongest sectors for executive search services are: financial services, pharmaceuticals, biotechnology, retail and manufacturing.
The UK is Europe’s largest market for contact centres with over 5,000 centres employing nearly 1 million people. Multinational companies looking to source international contact centre capabilities often look to the UK due to the diverse range of languages spoken here. The UK has Europe’s highest number of international contact centres.
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