THE WORSHIPFUL COMPANY OF SOLICITORS OF THE CITY OF LONDON
The City of London Solicitors’ Company is the Livery Company for solicitors who practise or have practised in the City of London. It was established in 1908, became a Livery Company in 1944and was granted a Royal Charter in 1958. Its aims are to promote the profession, to foster goodwill and fellowship amongst City solicitors and to share in the wider traditions of the City. Its sister organisation is the City of London Law Society, whose membership comprises over 15,000 solicitors practising in the City of London, many of them in large firms which have very substantial international representation. They employ between 45% and 65% of their lawyers outside the UK and advise multinational companies and Government Departments, often on complex multi-jurisdictional legal issues.
Encourage, Support, Inspire
The impartiality, integrity, quality and depth of experience of legal services and the judiciary found in the UK are particularly well regarded both domestically and internationally. The UK is also the world’s leading centre for international legal services and dispute resolution with over 200 foreign law firms from over 40 jurisdictions operating in the UK. Legal services are a cornerstone of the broader financial and related professional cluster which makes the UK the leading global financial centre. Four of the largest ten law firms in the world based on gross fee income revenue have their main base of operations in the UK. The popularity of English law is an important factor contributing to the UK’s strong global position with some 27% of the world’s 320 legal jurisdictions using English common law
Facts and Figures
Legal services’ contribution to the UK economy generated £25.7bn (1.6% of UK gross value added) in 2015 with a trade surplus of £3.4bn. 314,000 people are employed in the sector and the gross fees generated by law firms in the UK increased in 2014/15 to a record £30.9bn. The UK market accounts for around 10%
of the global market for legal services which totalled around £620bn in 2014/15. The UK is a leading centre for international dispute resolution with over 22,000 disputes resolved in the UK through arbitration, mediation and adjudication in 2015.
Areas of Expertise
- English law is a world class product exported around the globe as the law of choice. The popularity of English law is an important factor contributing to the strong global position of UK based law firms.
- English law is the most commonly used rule of law in international business and dispute resolution.
- The Commercial Court in London is the largest centre for financial, business and property litigation anywhere in the world and is a centre of excellence for high value dispute resolution.
- International legal services cover corporate finance, corporate and commercial law, project finance, capital markets, tax, shipping, insurance and dispute resolution.
International practice rights are important for City solicitors, particularly in countries such as China, India, Korea and South Africa. The City of London Law Society works closely with the International Division of the Law Society to reduce barriers facing UK solicitors entering and working in overseas markets and a major trend in recent years has been the expansion of international law firms in both developed and emerging markets including the US, China, other Asian countries and sub-Saharan Africa.
The City of London Law Society is also working with the Law Society to assess the legal implications of the UK leaving the European Union and has offered support to the UK Government in its future negotiations on BREXIT.
Contact: Ed Parker at 020 7329 2173