Chair of the Bar Council Nick Vineall KC said: “There is an urgent need for greater investment across our court system so the UK justice system’s reputation is not eroded or undermined.” Read on –
The Law Society of England and Wales has released a report to coincide with the IBA annual conference in Paris that asserts London’s position as the most attractive centre for commercial litigation and international arbitration.
The report, which builds on statistics showing the productivity of the Commercial Court in London, claims that London remains the leading centre for international commercial litigation. At the same time, it said accompanying figures on arbitrator appointments drawn from the London Court of International Arbitration (LCIA) show the same success for international arbitration.
The report follows remarks by French president Emmanuel Macron at the IBA opening ceremony that asserted Paris’s status as a leading centre for business law.
The Law Society’s assertion is based on analysis that showed 172 written judgments were delivered by London’s commercial courts, which include the Business and Property Courts, between 2021-2022, compared to 101 in the Commercial Division of the New York State Courts and 26 in the Singapore International Commercial Court, which has also been briefing international media recently.
The LCIA data showed 423 appointments of arbitrators in 2022, compared to 340 in Singapore and 159 in Hong Kong. The survey, however, does not consider Federal claims in the Southern District of New York, which includes Wall Street, or other major commercial centres such as California or Illinois. At the same time, the ICC has yet to release its 2023 annual statistics. An October 2023 report on arbitration caseloads, as opposed to appointments, by Baker McKenzie noted that in 2022 the ICC had recorded its lowest figure of new case starts since 2012, with 710 cases, while the LCIA recorded the lowest figure in five years, with 293 new cases.
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