New research highlights value of English law on the international stage
The value of English law has been highlighted in a new report which points to the opportunity it has in underpinning global transactions.
“Solicitors in England and Wales are well-placed to advise international business and play an important role in the global economy,” said Law Society of England and Wales president I. Stephanie Boyce.
“This new report by Oxera on behalf of LegalUK is an extremely valuable resource for international businesses interested in using English law and we encourage our members to share it with their clients.”
Value to the UK economy
English law’s value to the UK economy, and business in particular, extends well beyond its return to the legal sector. It underpins hundreds of trillions of pounds of global trade.
English law provides a global platform for the trading, financial and commercial contracts on which global business relies.
Advantages for UK business
The popularity of English law throughout the world means that UK businesses enjoy an advantage over businesses from other countries because of lower transaction costs.
English law as global standard
English law is the global standard in many industries such as commodities, maritime and insurance, and there is the opportunity for it to be the standard in new areas of the global economy including sustainable finance, fintech and cryptoassets.
I. Stephanie Boyce added: “The Law Society played an active role in this research and I believe its findings come at an opportune moment, as the UK government continues to negotiate trade deals with our international counterparts.
“We will use this research to help build and inform our existing campaign to encourage the use of English law and promote England and Wales as a jurisdiction of choice and a global centre for legal services.”
Notes to editors
About the Law Society
The Law Society is the independent professional body that works globally to support and represent solicitors, promoting the highest professional standards, the public interest and the rule of law.
Press office contact: Naomi Jeffreys | 0208 049 3928