Fearing losing access to the EU’s single market that could guarantee huge losses in the UK’s legal services sector, the industry has called for unilateral action to protect the pre-eminent global role of its dispute-resolving courts and legal services before the Brexit. Britain is known for Europe’s dispute resolution central between commercial contracts second to the United States as it English law is commonly used in most commercial contracts.
As the UK votes an exit from the European Union, the choice of English courts can be less attractive to European businesses. Legal firms in the UK wish that the choice of English law is a package as “the same law and jurisdiction is chosen.” According to the report of TheCityUK, the government should apply the Rome I and Rome II rules including choice of law for non-contractual obligations simply by turning them into domestic law.
The Rome I and Rome II are EU rules that require EU member state courts to respect a party’s choice of law for their contracts. The negotiations of the Brexit may single out the choice for English law and the choice for English courts by separating them — much to the disadvantage of UK legal firms.
Aside from the UK, the United States and Singapore are also famous places for dispute resolution for new commercial contracts. The failure to secure the UK’s legal sector interests in the EU after the Brexit could overshadow Britan’s legal services — namely with the trade surplus from financial services-related functions.