England and Wales leading global legal centre
By Law News
This affirmation highlights the dominance of English law in international transactions and legal proceedings
The Law Society of England and Wales has published its International Data Insights Report, revealing that England and Wales continue to be the preeminent global hub for arbitration and commercial dispute resolution.
Key Findings from the Report
Global Legal Dominance: The report highlights the extensive use of English law worldwide. The London Commercial Court (LCC) is noted for its prolific output, delivering more written judgments annually than major commercial courts in other key jurisdictions such as New York and Singapore. Remarkably, 64% of litigants between April 2023 and March 2024 were from outside the UK, encompassing 84 different nationalities.
Arbitration Hub: London remains the preferred venue for maritime disputes and arbitration. In 2023, a significant 83% of cases administered by the London Court of International Arbitration were governed by English law, further cementing London’s status as a global arbitration centre.
Economic Impact: The UK’s legal sector continues to be a major economic asset, with exports of UK legal services reaching £7.25 billion in 2022—an increase of over £1 billion since 2018. The growth reflects the sector’s expanding influence and contribution to the national economy.
Sector Growth: The size and revenue of the UK legal profession are on the rise. By July 2022, there were 216,173 solicitors in England and Wales, marking a 3.3% increase from the previous year. The top ten largest UK law firms saw their combined revenue grow by £2.73 billion over three years, reaching £18.34 billion for 2022-2023.
Solicitor Qualification Demand: The Solicitors Qualifying Examination (SQE) continues to attract significant interest, with 8,262 candidates participating in various assessment windows between January and October 2023. This high demand indicates a robust pipeline of future solicitors in England and Wales.
This report highlights the sustained global influence of English law and the UK’s legal services sector, reinforcing the position of England and Wales as a leading legal jurisdiction worldwide.