Research from LegalUK and Oxera has revealed the true value of English law, which extends far beyond benefits to the legal sector to represent hundreds of trillions of dollars of annual business activity in the UK and abroad.
The report is the first of its kind to investigate the economic value of English law, as distinct from legal services. It finds that English law represents a significant asset and platform, in large part due to the fact it continuously evolves to reflect the issues businesses face.
The report establishes that businesses using English law enjoy an advantage over businesses governed by other legal systems through lower transaction costs. English law does this by increasing the predictability of outcomes and hence growth in the volume of transactions in an economy. This benefits all users of English law, not just UK companies or individuals.
It also identifies opportunities for English law to support emerging economic growth areas, such as sustainable finance, fintech and cryptoassets.
Dame Elizabeth Gloster, former Court of Appeal judge and Chair of Legal UK said: “We now understand the true value of English law to UK PLC and need to explore the best forms of investment and coordination of efforts to nurture and safeguard it as an asset."
The report marks the formal launch of LegalUK. LegalUK was established in 2017 by the Lord Chief Justice, as a group drawn from major stakeholders across the legal sector including solicitors, barristers, arbitrators and industry bodies.
Mishcon de Reya was one of the funders of the Oxera research. Partner and Chief Brand Officer Elliot Moss is a director of LegalUK.
Read more about this research at LegalUK.