According to Chancery Lane London is going to beat its powerful competitors New York, Singapore, and Hong Kong since it became the capital of the “Most attractive centre” in the commercial field.
The reports also stated that the go-to choice of the London Commercial Court became popular because many international companies want to perform as per English law when it comes to making business deals.
The report presented some data that shows that in 2021 London Legal Services increased its exports by around half a billion pounds to 6.6 billion pounds. This data came from the Office of National Statistics.
Nick Emmerson the Wales president and the Law Society of England said,
“The UK is currently the second largest market for legal services globally. It is recognised and respected the world over because of the stability and quality of our courts, our laws and legal professionals. Our report shows that in an increasingly competitive global market, London’s commercial courts continue to thrive. English law is the governing law of choice in international transactions and a vital asset to the UK’s economy.”
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