England & Wales is the world’s leading legal centre for arbitration & commercial dispute resolution, while English law governs trillions of pounds worth of international deals, according to a report
The Law Society’s ‘International data insights report’, published this week, reveals the extent to which the UK’s legal sector is boosting the national economy. Exports of UK legal services reached £7.25bn in 2022, an increase of more than £1bn since 2018.
The London Commercial Court delivers more written judgments annually than major commercial courts in other jurisdictions, including New York and Singapore. A record 64% of litigants in cases between April 2023 and March 2024 came from jurisdictions outside the UK, representing 84 nationalities.
More maritime disputes are referred to arbitration in London than anywhere else in the world, and the majority are governed by English law.
Nick Emmerson, president of the Law Society, said: ‘We are proud to see that England and Wales have remained a leading legal jurisdiction and global legal centre.
‘It is critical we recognise the work of the legal profession in powering the UK economy and bolstering our international reputation. We must support our justice system and promote our legal profession as an economic powerhouse, as we continue to unleash our global potential.’
The report shows that the combined revenue of the top ten largest UK firms increased by £2.73bn over three years, rising from £15.61bn (2020/21) to £18.34bn (2022/23).
In the five years from 2018 to 2022, exports of UK legal services increased £1.18bn from £6.07bn to £7.25bn.
The report provides a sector-by-sector breakdown of English law-governed international commercial transactions and contracts. These include over the counter derivatives trade (£545tn), metals trade (£10tn), mergers and acquisitions (£250bn) and insurance contracts (£80bn in London alone).
.tmb-mov69x69.jpg?sfvrsn=49be51b1_1)
