Legal sector: new service union in the Lima Chamber of Commerce

The first time that legal industry will be seen as an economic sector

The number of institutions dedicated to the legal sector in Peru is overwhelming. More than 1,800 companies are active in this field, such as law firms, notaries, consultancies or educational associations. An example of the importance of this sector in the country’s economy is its turnover: the average annual turnover of the first twenty firms exceeds 1 billion soles (almost 250 million US dollars). Thus, the Lima Chamber of Commerce (CCL), whose vision, according to its website, is “to be the country’s leading business association, respected by society and a reference point for business opinion”, could not miss one of the most important sectors today: the legal sector. Due to its economic relevance, the CCL recently approved the creation of a legal sector within the institution’s services union in order to bring together the main players in this industry and to promote Peruvian legal activity and its professionalisation. The new guild will require the creation of a steering committee, which will be composed of seven people and whose first working session will start next September at the latest.

Moreover, unlike many sectors that have experienced a slowdown in the wake of the COVID-19 crisis, the legal industry has grown by 10-15% since the start of the pandemic. This has been thanks to the need to adapt legislation to the continuous changes derived from this situation of instability and constant change, which has made the legal sector a fundamental pillar during this time, making it, in turn, one of the sectors that has benefited the most from the crisis.

As Wilfredo Murillo, partner at Gericó Associates in Peru and expert in management and marketing consultancy for the legal sector, points out, “this is the first time that the legal industry will be able to be seen as an economic sector”. Previously, and despite its constant interaction with other industries, it was not spoken of as such. Moreover, Murillo adds, unlike the guild made up of the various bar associations – in which only the legal professional is recognised – the CCL’s guild is the first to be created that encompasses all types of institutions in the legal sector.

According to Murillo, this section of the CCL has three main objectives. Firstly, to get at least 10% of the companies operating within the CCL to join the guild during its first year of operation. This would be approximately 180 firms. In addition, another objective is the development of a document with the basic guidelines, i.e. the trends that the legal profession will follow in the near future. Finally, a five-year work plan is to be submitted within the next two months, which will include issues such as a change in the training plan for lawyers, the improvement of the technological infrastructure, the generation of own research and the development of new proposals that will have an impact on public policies.

The creation of a union specifically dedicated to legal services by the CCL that not only encompasses law firms or companies dedicated to the practice of law, but all institutions that develop their activity within the legal industry and its consideration as an economic sector, is a great step forward for the professionalisation of this branch of the economy. This news highlights the growing importance of the legal sector in the country’s economy and its great potential for growth in the short and medium term, as well as the recognition of the large number of professionals who work in the legal field, beyond lawyers.

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