Foreword
Summary
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3
4
5
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A1
Acknowledgements
Figures and tables
Economic value of English law | Oxera

A1.1.2: Overview of governing laws

Published: October 5th 2021
Download the Report Executive Summary Funders
2.1: Introduction 2.2: Economic value is created by ‘gains from trade’—realised through transactions 2.3: The law underpins growth in the volume of transactions (and therefore the generation of economic value) 2.4: Considering the law as infrastructure on which transactions take place
3.1: Introduction 3.2: The economic value created through the UK legal services ecosystem 3.3: The economic value created for the UK as a whole -3.3.1: English law as a global market standard -3.3.2: Agglomeration effects -3.3.3: Reduced transaction costs for UK businesses trading internationally 3.4: The choice of law and legal services for internationally mobile transactions
4.1: Introduction 4.2: English law provides significant value to the UK economy -4.2.1: Maritime sector -4.2.2: Commodity trading -4.2.3: ISDA swaps and derivatives -4.2.4: International insurance contracts -4.2.5: The value of English law to the UK economy is significant 4.3: Risks and opportunities 4.4: Future opportunities for the use of English law represent significant potential value to the UK
5.1: Introduction 5.2: English law suffers from a type of ‘market failure’ 5.3: Solutions to the free-rider problem: coordination across private and public parties 5.4: How to manage the ‘provision’ of English law
Experts Funders
Chapter A1

A1.1.2: Overview of governing laws

English law is the preferred legal framework for global commercial maritime contracts. As a report published by the City of London Corporation notes:[1]PwC (2016), op. cit., p. 21.

  • Use of English law and UK arbitration internationally for maritime business is a cornerstone of the UK’s strength in maritime law.

Indeed, the widespread use of English law as the industry standard in maritime contracts across the globe has historically given the UK an advantage and ‘unrivalled legal and judicial expertise’.[2]See: https://www.maritimeuk.org/about/our-sector/maritime-business-services/ (last accessed 5 May 2021).

According to the London Maritime Arbitrators Association, more maritime disputes are referred to arbitration in UK than in any other location, with London accounting for approximately 80% of maritime arbitrations.[3]See: https://lmaa.london/about-lmaa/ (last accessed 5 May 2021).,[4]HFW (2019), ‘The Maritime arbitration universe in numbers: One year on’, May. Specialist courts, such as the Commercial and Admiralty Courts, hear the majority of shipping litigation and have a strong reputation internationally.[5]In 2018 and 2019, 60% of cases heard in the Commercial Court involved litigants based outside England and Wales according, see: … Continue reading

Although other maritime hubs will also have some expertise in English law, the UK is at a major advantage thanks to the number of legal practitioners and the depth of existing expertise.

References

References
↑1PwC (2016), op. cit., p. 21.
↑2See: https://www.maritimeuk.org/about/our-sector/maritime-business-services/ (last accessed 5 May 2021).
↑3See: https://lmaa.london/about-lmaa/ (last accessed 5 May 2021).
↑4HFW (2019), ‘The Maritime arbitration universe in numbers: One year on’, May.
↑5In 2018 and 2019, 60% of cases heard in the Commercial Court involved litigants based outside England and Wales according, see: https://thelawreviews.co.uk/title/the-shipping-law-review/united-kingdom-england–wales#footnote-000 (last accessed 5 May 2021).