A new flagship court will boost England and Wales' position as a jurisdiction of choice for international commercial legal services and dispute resolution, the Law Society of England and Wales said following announcement of plans for a purpose-built court in the capital.
"A new state-of-the-art court to increase the country's capacity to tackle cybercrime and fraud will undoubtedly reassure business and help maintain England and Wales as the global centre for legal services post-Brexit," said outgoing Law Society president Joe Egan.
"The flexibility, predictability and stability of English law ensures we have a strong and reliable judicial system alongside a world-class legal profession. As business and technology evolves, it is important that the courts do the same.
"Fees charged by this and London's pre-eminent international dispute resolution courts will, however, need to become more competitive if our jurisdiction is to continue to attract commercial parties from across the globe.
"With an annual net worth of £26bn - 1.5% of GDP - and exports of £4bn, UK legal services make a huge contribution to UK plc in a highly competitive global market."
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: Harriet Beaumont | firstname.lastname@example.org | 020 8049 3854