A report by the British financial lobby argues for greater action from the government to support the primacy of English law and to secure both the sector’s continued access to European markets and its leading international position.
The report, ‘Legal Excellence, internationally renowned: UK legal services 2017’, shows the sector’s trade surplus was nearly £4bn in 2016. Revenue generated by legal activities in the UK was £31.5bn in 2016.
The majority of large firms saw an increase in revenue during 2016/17, with the top 100 UK law firms generating over £22bn in 2016/17. In total, legal services make up 1.5% of the UK economy, employing over 311,000 people across the country, two-thirds of whom are based outside of London.
The UK legal services sector continues to be world-leading, second only to the US in terms of total fee-revenue generated. It remains the most internationalised legal sector in the world with over 200 foreign law firms from around 40 jurisdictions operating in London and other cities across the UK. It also forms an integral and crucial part of the wider financial and related professional services ecosystem which makes the UK a truly globally-leading international financial centre
To ensure this success story continues, TheCityUK has called on the government to do everything it can to make sure Brexit does not act as a barrier to future growth opportunities but as a stimulant. This includes the need to secure mutual market access to enable UK-based practitioners to continue to represent clients in EU jurisdictions.[...]
The popularity of English law is a key contributing factor to the UK’s strong global position and attractiveness to foreign law firms. English law is used in 40% of all global corporate arbitrations. Some 27% of the world’s 320 legal jurisdictions use English common law. The choice of English law for global commercial contracts is in part driven by the UK’s reputation as the leading centre for international dispute resolution – whether through litigation, arbitration or mediation.
Full report: Legal Excellence, internationally renowned: UK legal services 2017
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