A new expert panel chaired by Deputy Prime Minister David Lammy will meet for the first time today (Monday 8 December), to make sure the UK remains a leading global centre for legal services.
- First meeting of new panel working to future-proof UK's world-leading position
- Legal and business experts will identify key opportunities to grow £42.6bn sector
- Group includes representatives from CBI and TheCityUK, alongside senior legal figures
He will be joined by legal and business leaders, judges, academics and major PR organisations at the International Dispute Resolution Centre in London.
The English Law Promotion Panel has been formed as part of the UK's Modern Industrial Strategy which will drive economic growth.
It will focus on how to reinforce English law's status as a leading choice for international business, future-proofing the UK legal services sector amid competition from other countries.
Deputy Prime Minister and Lord Chancellor David Lammy said:
The UK's legal services sector is a hidden super-power of our economy, generating more than £42.6 billion a year and employing more than 364,000 people across the country.
The use of English law by international businesses is key to that success story and we want to stay ahead of the game.
Today I am bringing together legal and business leaders to make sure the UK remains the jurisdiction of choice and continues to champion the rule of law around the world."
Businesses around the world can choose which legal system to use when they are agreeing international contracts. This means that any later disputes will be resolved using that chosen system.
English law has a long-standing position as one of the most popular choices due to the quality of UK courts and disputes centres, our independent judges, legal professionals and our laws themselves.
It is a key part of what makes the UK an attractive place for businesses to locate, and has helped London to become a leading global business hub, while supporting the rule of law around the world.
English law underpins a significant proportion of global trade and investment, governing £250bn in global mergers and acquisitions, and 40% of global corporate arbitrations.
Panel member John Foster, Chief Policy and Campaigns Officer from the Confederation of British Industries said:
English law offers a trusted, stable foundation for people and businesses across the world. That assurance allows UK firms to grow and operate confidently in global markets.
With English law being a renowned strength of the UK's global brand, bringing together this panel is a practical step for keeping a key pillar of the UK economy ahead of the curve.
The Panel has been tasked with developing a strategy to promote English law internationally, which will be supported by new research commissioned to provide solid evidence and identify future opportunities.
Panel member Mark Evans, President of the Law Society of England and Wales, said:
We welcome the government's initiative to support the promotion of our jurisdiction and legal services internationally.
The UK is a leading international legal centre recognised and respected the world over because of our laws and top legal professionals.
UK legal exports continue to rise reaching £9.8 billion a year. English law governs around 40% of all global business and financial transactions dominating international arbitration. Our legal sector powers the country's global influence and fuels the economy creating more jobs.
Panel member James Palmer CBE, Chair of Legal Services for TheCityUK, said:
I am delighted to join the Lord Chancellor's English law panel. TheCityUK has for many years focussed on the significant contribution of English law and the UK legal services sector to the UK's position as leading international financial centre, the wider economy and to trust in rule of law. Our annual legal services report highlights the vital role of English law and the UK legal sector to society and the economy - they are crucial national assets.
The UK's leading law firms have for decades made significant long term investments in building global businesses and through those promoting English law and the UK courts to international markets, so we are delighted that commercial expertise is being included on this panel.
The UK legal sector is world leading but operates in an increasingly competitive global market. It is the shared responsibility of government, courts and the sector to support the continued development and promotion of English law to ensure it remains the law of choice for international commerce. We look forward to supporting this welcome goal."
