The UK’s legal market has been reaffirmed as “an economic powerhouse,” with legal services exports reaching a significant £7.25 billion in 2022, according to a recent Law Society report.
The report highlights the UK’s prominent position in the global legal landscape, particularly through the performance of the London Commercial Court (LCC) and the London Maritime Arbitrators Association. The LCC, known for complex commercial litigation, issued 212 written judgments from October 2022 to September 2023, significantly outpacing other leading international courts, including those in New York and Singapore.
Furthermore, 64% of litigants at the LCC between April 2023 and March 2024 hailed from 84 different foreign jurisdictions. This reflects the court’s wide international reach, with increasing numbers of cases involving litigants from countries like Ireland, the US, and Switzerland, despite a reduction in Russian cases.
An increase in new claims at the LCC from 1,172 to 1,352 within a year showcases its capability to handle an expanding caseload efficiently, with nearly half of the contested trials concluding in less than a week. This underscores the court’s status as a leading venue for complex commercial cases.
In international arbitration, London has maintained its dominance, with the London Maritime Arbitrators Association handling approximately 1,845 new cases in 2023, reinforcing the city’s position as the foremost global hub for maritime arbitration. The volume of arbitrator appointments in LMAA cases surpassed those in other major arbitration centres, including Paris and Singapore.
The overall value of UK legal services exports has risen by £1.18 billion over five years, highlighting the sector’s robust growth. Additionally, the combined revenue of the top ten UK law firms increased from £15.6 billion in 2020/21 to £18.3 billion in subsequent years.
Law Society President Nick Emmerson emphasised that the legal profession not only enhances the UK’s economic performance but also strengthens its international reputation, as English law is increasingly chosen for high-value international contracts.
The UK legal market continues to flourish as a global leader, with London at the forefront, attracting international business through its expertise and efficiency in handling complex legal disputes.
