Cogence Search, specialists in legal recruitment in London, recently published the article ‘Killing the Golden Goose’. Their article predicts the effect of a super-tax of 1% of turnover on the profession.
Increasing mobility of legal services and careers
We live in a world in which legal services/careers are increasingly mobile and sensitive to local taxation. At Cogence Search we are specialist London-based Legal Recruiters and enable lawyers to move globally; in such moves the relative tax rates between the current and new jurisdictions form part of the negotiation process and can be a barrier to a successful move.
Legal profession under fee pressure
The commercial legal profession is under more fee pressure than at any time, with rates and margins being squeezed to an unprecedented degree. This tax cannot be passed on to clients; any attempt to do so will simply cause such clients to move their business elsewhere.
How the Legal Services Sector Thrives
The legal services sector thrives because of its reputation for technical excellence and fairness. The sector generates billions for the economy through the provision of legal services to UK and international corporates and individuals. The collection and remittance of VAT, corporate taxation and personal income taxes from this sector alone amounts to a significant proportion of GDP.
Read the full report from Cogence.
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