England and Wales recognised as legal centre of the world in new Law Society report

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England and Wales have been hailed as the leading legal centre for arbitration and commercial dispute resolution, with English law governing trillions of pounds worth of international transactions and deals.

The Law Society of England and Wales published its International Data Insights report earlier this week, which highlighted the widespread use of English law globally. It was found that the London Commercial Court (LCC) delivers more written judgments each year than any other major commercial courts in other jurisdictions, including New York and Singapore. In cases between April 2023 and March 2024, a record 64% of litigants came from jurisdictions outside the UK, representing 84 nationalities.

Law Society President Nick Emmerson said: “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.”

Referencing the surge in cases being heard at the LCC, Emmerson added “it is evident that our popular courts reflect the attractiveness of English law”.

London is also the most popular hub for maritime disputes referred to arbitration, with the majority of cases being governed by English law. More than 80% of arbitration cases administered by the London Court of International Arbitration were also governed by English law last year.

The International Data Insights report also indicates the legal sector’s significant contribution to the UK economy, with exports of UK legal services reaching £7.25 billion in 2022. Emmerson said: “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 found that the size and revenue of the UK’s legal profession continues to grow each year. There were 216,173 solicitors of England and Wales on the roll as of July 2022 – a rise of 3.3% from July 2021. Meanwhile, the combined revenue of the top 10 largest UK law firms over the course of three years increased to £18.34 billion in 2022/23 – up from £15.6 billion in 2020/21.

Elsewhere, the report highlighted that the demand for qualifying as a solicitor remains “strong and consistent”, given the 8,262 candidates who sat at least one part of the Solicitors Qualifying Exam between January and October 2023.