London is a global city and one of the biggest markets for legal services in the world. This is furthered by the UK capital being the main seat for commercial arbitration globally. Facilitated by the UK’s entrenched law and justice systems, London boasts a long-held tradition of being a legal center where business transactions can be done with minimal risk and commercial disputes can be settled as fairly as possible. However, while London remains the preferred venue for international arbitration, other global hubs such as Singapore, Hong Kong, and Paris are now establishing themselves as key markets in this field.
According to the International Arbitration Survey 2021, London is the top destination for arbitration disputes, with 54% of respondents choosing the city as their preferred seat. However, the same survey also revealed that another global and increasingly important business hub, Singapore, is now tied with London as the go-to seat for arbitration, followed by Hong Kong, Paris, and Geneva. With increased competition from other global cities and a willingness from clients to use more “regional hubs,” London now faces heightened risks to its position on the global stage when it comes to handling arbitrations.
