Law Society report highlights value of English law to the UK economy

The Law Society recently published the International Data Insights Report 2023. The report examines the value of English law to the UK economy and compares London courts and arbitration centres to those in other jurisdictions. 

In what is said by the Law Society to be an “objective, neutral, evidence-based assessment”, English law was found to facilitate a large amount of economic activity as a result of the predominance of English law as the governing law of choice for international transactions in sectors such as financial services and commodities trade.

From a disputes point of view, the report finds London to be the most attractive centre for commercial litigation and international arbitration, outperforming other global dispute resolution hubs, including New York, Singapore and Hong Kong. Interestingly, it also confirmed that during the period from October 2021 and September 2022, almost half of contested trials in the London Commercial Court were completed in just four working days. 

Law Society of England and Wales president Nick Emmerson commented;

“Our report shows that in an increasingly competitive global market, London’s commercial courts continue to thrive. English law is the governing law of choice in international transactions and a vital asset to the UK’s economy.”