England and Wales are hailed as the leading legal centre for arbitration and commercial dispute resolution, delivering more written judgements every year than other jurisdictions such as Singapore and New York.
Findings from the Law Society’s international data insight report has also shown that English law governs trillions of pounds worth of international transactions and deals. The report, which was published today, has highlight the spread of English law globally as the London Commercial Court (LCC) delivers more written judgments annually than major commercial courts in other jurisdictions. A record 64 per cent of litigants in cases between April 2023 and March 2024 came from jurisdictions outside the UK, representing a total of 84 nationalities.
More maritime disputes are referred to arbitration in London than anywhere else in the world, with the majority being governed by English law. Eighty-three per cent of arbitration cases administered by the London Court of International Arbitration were also governed by English law in 2023.
The report also reveals that the UK’s legal sector remains a powerhouse to the national economy. Exports of UK legal services reached £7.25bn in 2022, an increase of more than £1bn since 2018.
Law Society president Nick Emmerson said: “We are proud to see that England and Wales have remained a leading legal jurisdiction and global legal centre.
“England and Wales continue to extend their global reach, attracting even more individuals and businesses with no direct ties to the UK to use our courts, while English law is chosen for contracts in international transactions worth trillions of pounds.
“As the number of cases heard at the London Commercial Court surges, it is evident that our popular courts reflect the attractiveness of English law. As the global demand for UK legal services continues to rise, the legal sector contributes ever more significantly to the UK economy.
“It is critical we recognise the work of the legal profession in powering the UK economy and bolstering our international reputation. We must support our justice system and promote our legal profession as an economic powerhouse, as we continue to unleash our global potential.”
The report also reveals that: English law governs trillions of pounds annually in international commercial transactions and contracts across a wide range of different areas, including over the counter (OTC) derivatives trade (£545tn), metals trade (£10tn), mergers and acquisitions (£250bn) and insurance contracts (£80bn in London alone). Over the course of five years, exports of UK legal services increased by £1.18bn, from £6.07bn in 2018 to £7.25bn in 2022.
According to the society’s data the size and revenue of the UK’s legal profession continues to grow year-on-year. As of July 2022, there were 216,173 solicitors of England and Wales on the roll, representing a 3.3% rise compared to July 2021 and over the course of three years, the combined revenue of the top ten largest UK firms increased by £2.73bn, rising from £15.61bn (2020-21) to £18.34bn (2022-2023).
Over the course of four assessment windows between January and October 2023, 8,262 candidates sat at least one part of the Solicitors Qualifying Examination (SQE1 and/or SQE2). This data demonstrates that there is a strong and consistent demand to qualify as a solicitor in England and Wales.
