What is the economic and social impact of the legal sector? | Expansión

Expansión publishes an article addressing the importance of the legal profession and the rule of law in the development and welfare of society. It highlights, among other factors, the importance of law firms, insofar as they generate qualified employment and contribute to the proper functioning of the economy, in addition to providing the well-known legal service.

For its part, the International Bar Association has compiled detailed information on the social and economic impact of the legal profession, highlighting its contribution to upholding the rule of law, progress towards the UN Sustainable Development Goals and GDP growth through innovation.

Finally, it states that those countries with a stronger rule of law have a higher level of innovation, and how, globally, the legal sector generates significant income, contributes to the payment of taxes, having an impact on the generation of employment worldwide, since, as detailed by Almudena Arpón de Mendívil, president of the IBA, partner of Mercantil and head of TMT at Gómez-Acebo & Pombo, this impact can be divided into three categories: “indirect economic effect, social impact and direct economic repercussion”.

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