LegalUK's purpose is to promote English law as an international platform, as the governing law of choice for international business and as a national asset.
The Oxera Report was the first serious report into the economic value of English Law as a platform for international business transactions. Philip Wood’s book is another important first: it is the first serious analysis of the risks which international businesses should be considering when they choose a legal platform for their commercial transactions.
Legal UK hopes that the boardrooms of international businesses and international finance providers will now have the tools to recognise that their choice of legal platform is a major risk factor which should be recognised by all board members.
A question I've long asked about the tense relationship between law and economics is: who does the dancing and who calls the tune? This timely contribution reminds us that they're both contributing to the same beat.
The Oxera report hits the nail on the head. It is time the true and full value of English law was recognised. It is the foundation and future of so much international trade in multiple sectors: maritime, derivatives, insurance are just three of the most important among many.
INSIGHTS
English law is a platform that supports a significant amount of economic activity in the UK and globally.
LegalUK was set up in 2017 by the Lord Chief Justice, as a group that is committed to encouraging, internationally, the wider use of English law and UK dispute resolution.
English law underpins most contracts and transactions made within the UK, and many outside the UK. However, the value of English law (as it applies to business transactions) to society as a whole, as opposed to the legal services sector, has not been examined before. English Law is a key part of what makes the
Oxera has been commissioned by LegalUK to identify the economic value of English and Welsh law (referred to in the rest of this report as ‘English law’) to the UK.
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