London leading the way on arbitration
London is the preferred seat of arbitration among global corporate counsel, new research shows.
Four out of 10 corporate counsel say they use English law most frequently, followed by 17% who use New York law, according to a major survey, Choices in International Arbitration, published by Queen Mary, University of London (QMUL).
“Formal legal infrastructure” is the strongest influence on choice of seat, and London is the most preferred seat of arbitration (30%), followed by Geneva (9%), Paris, Tokyo and Singapore (each 7%) and New York (6%). Respondents have the most negative perception of Moscow and Mainland China.
The International Chamber of Commerce (ILL) is the most preferred and widely used arbitration institution (50%), although there was a perception among a majority of interviewees that ICC arbitration is too expensive and that arbitration institutions in general are costly.
Professor Loukas Mistelis, director of the School of International Arbitration at QMUL, says: “[The survey] shows that corporations exercise strong preferences regarding the law that governs disputes and London comes out as a clear
