Britain must take action to ensure that its lawyers can continue working across Europe post Brexit, a lobby group has said.
TheCityUK stated that withdrawing from the European Union could threaten the domination of English law globally and the future of an industry that generated around 31.5 billion pounds (S$56.6 billion) in revenue last year.
The lobby group said that it was urging the government to take every possible action to make sure that Brexit ends up not as “a barrier for future growth opportunities but as a stimulant.”
TheCityUK noted that this required mutual market access which would allow UK-based professionals to represent clients across EU jurisdictions. It also urged the government to provide details on how it was planning to convert EU rules related to the industry into domestic law, and also the process for participating in international conventions.
Important to Protect UK’s Global Role
According to a report by TheCityUK, the legal services industry contributes to 1.5 percent of the UK economy and currently employs over 311,000 people. Over 200 foreign law firms have so far set up operations in London.
The report further pointed out that English law is utilized in 40 percent of global cases involving corporate arbitration. The use of English law for commercial contracts globally is partially due to UK being known as “the leading centre for international dispute resolution”, the report said.
Competition is on the horizon
The German Federal State of Hesse held a conference this year that was dedicated to understanding how Brexit could be used as an opportunity for Frankfurt to boost itself as a litigation hub in Europe.
