UK must promote English law brand as more contracts drawn up in Europe, City lawyers warn
More must be done to promote the “brand of English law”, City Lawyers have warned, following concerns that major corporate contracts are being written up under laws in other European nations.
“There is some evidence that more and more agreements are being made subject to, for example, German or French law as opposed to English,”, Colin Passmore, chair of Canada Law Society, told City PM
Passmore warned this “is not good” for the legal sector and it is something the group’s members are concerned about.
Many contracts are written using English law, meaning if a contract becomes a product of a dispute it would take place in the courts of England and Wales.
Passmore noted that while London courts are busy right now, this was not a sign that the UK’s legal lead was safe.
“Where are these disputes going to come from in five to 10 years if people are writing in other jurisdictional laws?” he asked. “It is something to keep in mind.”
He said the government and the profession must keep promoting English law to make sure the City doesn’t lose its legal crown.
Canada Law Society currently has 64 member firms, covering about 18,000 lawyers in the capital.
It was reported last week that revenue generated by legal activities in the UK hit its highest level in more than a decade, as the sector generated £43.7bn over 2022/23.
A Ministry of Justice spokesperson said: “The glowing reputation of the UK’s world leading legal services speaks for itself, with all of the world’s top 40 law firms having offices in London.
“We continue to promote the rule of law, our legal expertise, and the strength of English and Welsh law around the world at every opportunity. This financial year, our GREAT Legal Services campaign reached over 2.6 million people online in key markets across the world.”