HFW Joins With Disputes Industry Leaders To Reveal Enormous Economic Value Of English Law
HFW has joined with other leading figures across the UK disputes industry to launch a major report that reveals for the first time the enormous value of English Law to the UK economy.
HFW worked alongside top law firms, barristers' chambers, the City of London Corporation, The Law Society, and other leading organisations and individuals on the report, which establishes that the English legal system underpins hundreds of trillions of pounds of global trade, governing more than US$11.5 trillion of global metals trading in 2020, £250 billion of global M&A in 2019, and €660 trillion of OTC derivatives trading in 2018.
The report also found that English law governs insurance contracts worth £80 billion annually and that it is the law of choice for maritime contracts, a sector that contributes over £15 billion annually to the UK economy.
It was put together by economics consultancy Oxera for LegalUK, a representative group comprising solicitors, barristers, arbitrators, industry bodies and other key stakeholders within the legal community, led by Dame Elizabeth Gloster. HFW disputes PSL Nicola Gare sits on the LegalUK committee.
Nicola Gare, Disputes PSL, HFW:
"We are proud to have worked alongside our friends and peers across the English disputes community on this ground-breaking report, which reveals for the first time the extraordinary importance and value of English law to the UK economy. Contractual parties around the world place their faith in English law and our litigation and arbitration legal systems – the key challenge we now face is to ensure that it remains a top choice in future. We hope the UK government supports its continued development and its user experience by making significant investments in its infrastructure."
HFW funded and contributed to the report alongside others including: Allen & Overy, Atkin Chambers, Baker McKenzie, Bar Council, Blackstone Chambers, City of London Corporation, Clifford Chance, CMS, DLA Piper, Herbert Smith Freehills, Howard Kennedy, Kennedys Law, Linklaters, Macfarlanes, Mishcon de Reya, One Essex Court, Osborne Clarke, RPC, Simmons & Simmons, South Square, Stewarts Law, The Law Society, Travers Smith, Twenty Essex Street and Wilberforce.
To read the report, visit: https://legaluk.org/report/foreword/
HFW is a leading global law firm in the aerospace, commodities, construction, energy and resources, insurance, and shipping sectors. The firm has more than 600 lawyers, including 185 partners, based in offices across the Americas, Europe, the Middle East and Asia-Pacific. HFW prides itself on its deep industry expertise and its entrepreneurial, creative and collaborative culture.
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