The government must act soon to protect London as a litigation hub, says Ed Crosse
Legal services have been a major success story for the UK. Several studies have confirmed the fact that the UK has established itself as the premier hub for legal services outside the US. IRN’s UK Legal Services Market Report 2016 estimated the value of UK legal services at £32.1bn in 2015. A report by TheCityUK in July 2016 found that the sector’s trade surplus has nearly doubled over the past decade to £3.4bn in 2015, while the sector’s contribution to the UK economy represented 1.6% of GDP, more than agriculture. It also found that the UK accounts for 10% of the global market for legal services and 20% of legal services in Europe.
An enviable position
That last finding is particularly significant. Many jurisdictions in the EU have long envied the income that the UK derives from exporting English law. They currently sense an opportunity to capitalise on uncertainties created by the Brexit vote. Articles have already appeared from notable voices on the continent suggesting that commercial
