In an article written for Practical Law, David Greene examines the rise of specialised commercial courts and tribunals worldwide and its impact on London as a hub for cross-border commercial dispute resolution.
London has long prided itself on having a prime place at the table of global legal centres. However, Brexit and competition from other jurisdictions may be undermining some of the confidence of the City legal community and is certainly driving home the message that England and Wales cannot rest on its common law laurels as a home for international dispute resolution.
A recent updating of the Global Soft Power Index 2022, which measures the nation’s brand and perceptions, which would include elements of the rule of law and justice process, maintains the UK as second in the World, as it did in 2021.
UK exports of legal services have been growing exponentially over the past 15 years with net exports running at some GPB7 billion per annum. This growth arises from many factors, one of which being that the common law and the English language remain lingua franca in international commercial contracts. While both have their historical roots in the UK, that tie is, however, of less and less importance. Of perhaps more consequence is retaining a predictable and consistent body of law, the quality and expertise of practitioners, judges and arbitrators, and an efficient and cost-effective process for resolution for modern trade disputes.
But London is not alone in the growth of legal services…
You can read David’s article in full on the Practical Law website (subscription required)