England and Wales recognised as the leading legal jurisdiction internationally

London Commercial Court is the leading centre for international commercial litigation and London Court of International Arbitration (LCIA) is the leading centre for international arbitration. *

The value of the UK’s legal services continues to rise on an annual basis, with exports increasing by almost half a billion to £6.648bn in 2021. UK-headquartered firm DLA Piper brought in the most revenue between 2021-2022, followed by Clifford Chance. **

The report is an objective, neutral, evidence-based assessment of the global position of English law. It is intended to be used as a practical tool for firms and members who wish to attract business or inform their clients about the widespread use of English law.

Law Society of England and Wales president Nick Emmerson said: “The UK is currently the second largest market for legal services globally. It is recognised and respected the world over because of the stability and quality of our courts, our laws and legal professionals. 

“Our report shows that in an increasingly competitive global market, London’s commercial courts continue to thrive. English law is the governing law of choice in international transactions and a vital asset to the UK’s economy.”

The report also found:

• The UK continues to maintain strong ties with the US legal market: 59 firms with headquarters in America have offices in London as of 2023 and the majority of UK trade – legal services imports and exports – is with the US.
• The European Union is the UK’s most valuable trading bloc for legal services, accounting for £2.15bn in exports from the UK in 2021.
• Almost half (37 out of 77) of contested trials across all divisions of London Commercial Court were completed within four working days between October 2021 and September 2022.
• English law governs trillions of pounds in over-the counter derivatives transactions and metals trading annually, in addition to billions of pounds in M&A transactions and insurance contracts.

 

 

Picture Courtesy of The wub, CC BY-SA 4.0 <https://creativecommons.org/licenses/by-sa/4.0>, via Wikimedia Commons