Writing in City AM today, Alan Yarrow the Lord Mayor of London, celebrates the British legal system.
And whilst there are issues in the sector, in the 800th anniversary year of the Magna Carter, I think it is right to recognise all the good that our judicial system brings.
The UK is a bastion of the Rule of Law. Not only are numerous other legal systems based on ours, but many foreign litigants wish to have their trials heard here because of the fairness and respect for our judicial system.
Furthermore, the sector was worth over £20bn to the British economy last year. It is also a true international player with the same market share of international and legal work as the US legal profession - despite the US sector being 10 times larger.
So whilst it may not be perfect - its not too bad either.
Not only are the costs cheaper by around a fifth when compared to Europe, but disputes are resolved two months quicker than the global average. London alone is home to over half of the world’s law firms. It is also worth noting that the UK has roughly the same market share of international and legal work as the US legal profession, although the latter is 10 times as big as the UK’s sector. Why is this? Well, as the General Counsel of Tata Industries in Mumbai has said: “as part of a reliable and trusted legal system, English lawyers have incredible added value in terms of their international know-how. They can make scarce resources go further, manage risk better, and make deals happen faster. They help to keep the legal bills down”.