Lloyd's Maritime and Commercial Law Quarterly
A GOOD FORUM TO SHOP IN: LONDON AND ENGLISH LAW POST-BREXIT
Sir Peter Gross *
London and English law are world leaders in international dispute resolution and there is reason to be confident that they can retain this pre-eminence after the United Kingdom’s departure from the European Union (“Brexit”). However, there is no room for complacency as there are always challenges to be met, which can be overcome by a concerted effort from Government, the judiciary, the legal professions, academia and the City of London.
Introduction
London and English law are world leaders in international dispute resolution. This is one of those areas where the United Kingdom “punches above its weight” in world affairs, to use Douglas Hurd’s memorable phrase. There is every good reason why that should remain so after Brexit. The fundamentals are sound. But complacency is not warranted. There is much to be done, concerns to be addressed and false steps avoided. Action is required from Government, the judiciary, the legal professions, academia and the City. Our world ranking cannot be assumed; we will need to work to keep it—and it is profoundly important that we do keep it. That, in a nutshell, is my theme to be developed tonight.
It is a pleasure and honour to do so by way of the 35th Donald O’May lecture. As all here will know, Donald O’May was the Senior Partner of Ince & Co from 1976 to 1988 and was foremost amongst lawyers in the marine insurance market during the 1970s and 1980s. His vision was broad, his energy considerable and he played an important role in promoting London as a leading jurisdiction for the resolution of maritime disputes. The lecture series in his name pays tribute to his work, as evidenced by the distinguished figures who have delivered lectures 1–34, covering a range of topics relevant to shipping, insurance and dispute resolution.
Tonight’s topic is of the first importance. Let us be clear as to the figures:1 the UK’s legal services sector contributes £25.7 billion to the UK economy, or 1.6% of gross value added. It generates £3.3 billion in annual export revenue. Such figures matter in themselves. They also bolster the attractions of the City as a financial centre—a mutually supportive process, in that there can be no realistic doubt that the strength of the City is a key driver
* Lord Justice of Appeal. This is the text of the 35th Donald O’May lecture, delivered under the auspices of the Institute of Maritime Law, University of Southampton, at the Law Society on 1 November 2017. I am most grateful to Dr John Sorabji, Principal Legal Adviser to the Lord Chief Justice and Master of the Rolls, for his considerable assistance in the preparation of this lecture.
1. Taken from The City UK, UK Legal Services 2016 (July 2016).
London and English law post-Brexit
223