Posted on: 8 October 2021
LegalUK has published the results of new research by Oxera, a leading economics consultancy, revealing the economic value of English law.
English law underpins most contracts and transactions made within the UK, and many outside the UK. However, the value of English law (as it applies to business transactions) to society as a whole, as opposed to the legal services sector, has not been examined before.
The report reflects London’s position as the primary seat of choice for international maritime arbitration: “It is estimated that 80% of the world’s maritime arbitrations are dealt with in London.”
It cites a report by the City of London Corporation: “Use of English law and UK arbitration internationally for maritime business is a cornerstone of the UK’s strength in maritime law.” In Oxera’s words: “Although other maritime hubs will also have some expertise in English law, the UK is at a major advantage thanks to the number of legal practitioners and the depth of existing expertise.”
London Maritime Arbitrators Association (LMAA) President David Steward commented: “LMAA members sit as arbitrators not only in London but also in other jurisdictions around the world to hear English law cases. The LMAA Terms and Procedures are commonly used not only for disputes in the shipping industry, ranging from carriage of goods by sea to shipbuilding and ship sale contracts, but also in international trade and offshore energy, including renewables.”
Download the full report here.