New research for LegalUK by leading economics consultancy Oxera and funded by the legal industry has for the first time established how the value of English law goes far beyond benefits to the legal sector and underpins hundreds of trillions of dollars of annual business activity domestically and internationally.
The report marks the formal launch of LegalUK, a body including representatives from across the legal industry including solicitors, barristers, arbitrators, industry bodies and other key stakeholders within the legal community. LegalUK was established in 2017 by the Lord Chief Justice, and is chaired by Dame Elizabeth Gloster. Its purpose is to promote English law nationally and internationally, to increase the use of English law internationally, and to enhance the UK’s position as a leading global centre for dispute resolution.
The report – the first of its kind to explore the economic value of English law - reveals that English law governed at least EUR 661.5 trillion of OTC derivatives trading in 2018, $11.6 trillion of global metals trading in 2020, and £250 billion of global M&A in 2019. English law also governs insurance contracts worth £80 billion annually and is the law of choice for maritime contracts, a sector that contributes over £15 billion annually to the UK economy.
One Essex Court is pleased to be a co-funder of the Oxera report.
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