New Panel Formed to Strengthen UK’s Legal Services Sector
A newly established panel is set to focus on preserving the UK’s leading position in the global legal services market. Comprised of legal experts and industry representatives, the panel aims to identify growth opportunities within the £42.6 billion sector.
Objectives and Composition of the Panel
The English Law Promotion Panel, part of the UK’s Modern Industrial Strategy, is tasked with promoting English law and ensuring the sector remains competitive against international rivals. It officially convened for the first time in London at the International Dispute Resolution Centre.
Among the panel members are prominent figures such as Mark Evans, President of the Law Society of England and Wales, and John Foster, Chief Policy and Campaigns Officer from the Confederation of British Industries (CBI). They will be joined by judges, academics, prominent public relations firms, and representatives from TheCityUK.
The Importance of English Law
English law has gained status as a preferred choice for international businesses, primarily due to the reputable UK courts, independent judiciary, and robust legal framework. The use of English law underpins a significant portion of global trade, influencing £250 billion in mergers and acquisitions and overseeing 40% of corporate arbitrations worldwide.
Deputy Prime Minister and Lord Chancellor David Lammy emphasised the hidden strength of the UK’s legal sector, noting its ability to generate substantial economic output and employment across the country. He expressed commitment to maintaining the jurisdiction’s appeal, ensuring that international businesses continue to choose English law for their contracts and dispute resolutions.
Strategic Initiatives and Research Plans
The panel’s first mandate is developing a strategy that boosts the global recognition and use of English law. This initiative will be backed by newly commissioned research aimed at providing actionable insights and identifying future opportunities for the sector.
Mark Evans highlighted the government’s initiative as a significant step in promoting the legal services industry internationally, citing the rising exports, which currently stand at £9.8 billion annually. Such developments are crucial for sustaining economic growth and reinforcing the UK’s reputation in the global marketplace.
Challenges and Opportunities Ahead
James Palmer, Chair of Legal Services for TheCityUK, noted that while the UK legal sector is highly regarded, it faces increasing competition in a global market. A collaborative approach involving governmental support, ethical law practice, and community engagement is essential to ensure that English law remains the foremost choice for international commercial transactions.
The panel is expected to play a pivotal role in addressing these challenges and solidifying the place of English law in future international dealings.
Source: official statements, news agencies, and public reports.
https://www.gov.uk/government/news/deputy-prime-minister-convenes-legal-and-business-leaders-to-spearhead-plan-to-future-proof-uk-legal-sector
