5 Reasons Why London Remains the Legal Capital of Europe
Businesses from all parts of the world regularly choose to use the law of England and Wales as the basis of their international commercial agreements. This has made London the capital of Europe, if not the world, for law and legal practice. Here’s a reminder of what makes London so attractive, and why English law continues to rule the business world:
- Stable legal system
The English justice system has centuries of tradition behind it, but above all it is renowned for the quality of its judges, their impartiality, and the reliability of their judgments. When dialogue fails, businesses need to know the legal system will protect their vital interests.
- Financial capital
Many of the major banks are headquartered in London, while private equity and hedge funds also play a large role in London’s economy. Naturally, the largest and most ambitious law firms look to place themselves close enough to forge strong bonds with these clients.
- Attractive tax regime
While Europe and the US have been dealing with pending financial collapse and failing economies, the UK has tried to make sure international businesses remain attracted to operating in the UK, through a system of tax breaks.
- Gateway to Europe
For many non-European companies, the European market remains one of the largest and most lucrative markets in which to gain a foothold. As a key component of the European market, setting up shop in the UK gives businesses an excellent platform for entering the rest of the European market.
- The English language
English is the dominant language in global business, such that entities with no direct connection to the UK often find English to be the only common language between them and their business counterparts. Retaining English lawyers to handle their contracts ensures the parties have common ground.
To learn more about the QLTS assessments and qualifying as an English solicitor, contact us today for a free consultation with one of our QLTS advisors.
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