The International Bar Association (IBA) has recently published work that it commissioned from the professional services consultancy McKinsey, which seeks to quantify the social and economic value of the legal profession. This is quantified at $1.6 trillion, or 1.7% of global GDP. The calculation was arrived at by taking into account both direct economic contributions of activity and employment by the legal profession as well as its indirect role in supporting societal well-being and economic development through, for example, holding governments to account under the law, and by helping to create stable business environments conducive to growth, innovation, and investment by upholding legal security and rule of law.
The study also suggests that strong legal systems correlate with higher economic growth, improved income distribution, and enhanced public health outcomes. Looking forward, the IBA emphasises the need for increased access to legal representation, particularly for underserved communities, and advocates for ongoing legal education and ethical standards to meet future challenges. Overall, the report highlights the contribution that the legal profession can make to global economic and social advancement.