The Law Society of England and Wales has recently launched a new initiative to highlight the attractions of English law and of England and Wales as a leading international legal centre, with key benefits including an independent judiciary, reliable courts and predictable outcomes.
Its International Data Insights Report 2023: Global Position of English Law is intended to be the first in a series of annual publications capturing the value that English law brings to the UK’s economy and evaluating the position of London’s courts and arbitration centres compared to competing bodies in other jurisdictions.
Key points outlined in the report regarding the value of English law and the status of London as a centre for dispute resolution include:
- English law facilitates a huge amount of economic activity as the governing law of choice for international transactions across various sectors, including financial services and commodities trade
- London Commercial Court is the leading centre for international commercial litigation, outperforming New York and other competitors in terms of the number of written judgments delivered
- Approximately 50% of contested trials were completed within one court week (four days) between October 2021 and September 2022
- The London Court of International Arbitration (LCIA) is the leading centre for international arbitration (with Singapore and Hong Kong receiving more claims than London in 2022, but making fewer appointments of arbitrators)
- London is also an attractive centre for maritime arbitrations, with the London Maritime Arbitrators Association (LMAA) handling the majority of global maritime disputes, governed by English law
CLICK HERE to download a copy of the report.