Foreword
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Economic value of English law | Oxera

Foreword

Published: October 5th 2021
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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
A1.1: Maritime sector -A1.1.1: Size of the market -A1.1.2: Overview of governing laws -A1.1.3: Risks and opportunities A1.2: Commodity trading -A1.2.1: Size of the market -A1.2.2: Overview of governing laws -A1.2.3: Risks and opportunities A1.3: ISDA swaps and derivatives -A1.3.1: Size of the market -A1.3.2: Overview of governing laws -A1.3.3: Risks and opportunities A1.4: International insurance contracts -A1.4.1: Size of the market -A1.4.2: Overview of governing laws -A1.4.3: Risks and opportunities
Experts Funders
Foreword

Foreword

Economic value of English law

Oxera

5 October 2021

Dame Elizabeth Gloster
Dame Elizabeth Gloster, Chair, LegalUK

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.

Our purpose is to promote English law as the principal platform that underlies global trade, as the governing law of choice for international business, and as a national asset of the UK. We commissioned Oxera to identify the economic value of English Law to the UK. This, we believe, is the first time such research has been undertaken. The report establishes that English law is of value well beyond the legal sector. In fact, English law annually underpins hundreds of trillions of pounds of business activity nationally and internationally.

We thank all the funders of the report, as well as all experts who were consulted as part of the research process.