UK Maritime Shipping & Admiralty Law Market 2017

  • ID: 4422983
  • Report
  • Region: United Kingdom, Great Britain
  • 57 Pages
  • IRN Research
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Improving Global Trends but Economic Uncertainties Cloud the Future

FEATURED COMPANIES

  • 20 Essex Street Chambers
  • Birketts LLP
  • Eversheds Sutherland
  • Ince & Co
  • Mills & Co Solicitors
  • Stephenson Harwood
  • MORE

The UK Maritime, Shipping and Admiralty Law Market Briefing 2017 is the first edition of an annual Legal Market Briefing from the author and provides an overview of the UK maritime, shipping and admiralty (MSA) law market.

The UK is a major global shipping hub and a major global hub for MSA work. The bulk of revenue earned by UK MSA legal practices comes from overseas clients and it is global, rather than UK, economic and shipping trends which drives this market.

While in the context of the legal market as a whole, MSA law is a niche sector, it is a market in which over 800 legal practices operate, with almost 110 firms central to its operation and 40-50, mainly London-based, firms sitting at the apex of the market.

It is a market generating revenues in the region of £800 million annually. Revenue rose over 2011 to 2015, but fell back in 2016. The decline in 2016 reflects 2016 being one of the worst years for the global seaborne trade industry and the fact that rising court fees in 2015 hit the number of cases handled by the Commercial Court and arbitration providers.

On the basis of improving global trade and economic growth, the MSA revenues of UK law firms will continue to grow in the coming five years. However, three factors are clouding the future of the MSA sector: political uncertainty (e.g. Brexit); financial tensions; and the threat of protectionism and inward looking economic policies. Barring any major negative impact on UK shipping and global shipping from these negative forces, the author expects the MSA law market will exceed £1 billion by 2021, with legal advice regarding the use and implications of the use of new technology a key growth area, along with regulatory advice.

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FEATURED COMPANIES

  • 20 Essex Street Chambers
  • Birketts LLP
  • Eversheds Sutherland
  • Ince & Co
  • Mills & Co Solicitors
  • Stephenson Harwood
  • MORE

1. EXECUTIVE SUMMARY   

  • It’s a global business driven by global forces
  • Over 800 market participants
  • Revenues continue to grow
  • Growth predicted from the future but major uncertainties exist

2. INTRODUCTION   

  • Abbreviations

3. MARKET STRUCTURE   

  • Overview
  • MSA served by specialised courts
  • Alternative Dispute Resolution - (ADR)

4. MARKET DEVELOPMENTS AND DRIVERS   

  • London is the most important shipping hub worldwide…
  • With foreign litigants the main users of the Commercial Court
  • Meaning global trade and economic developments drive the market
  • Eight years of slow growth coming to an end?
  • The passenger shipping industry has outperformed its trade sister
  • Efforts to make the Admiralty and Commercial Courts more efficient and easier to use
  • Increase in court fees

5. EU Parliament Resolution on the Implementation of the Mediation Directive   

  • LMAA introduce new terms

6. THE KEY PLAYERS   

  • 20 Essex Street Chambers
  • 4 Pump Court
  • 7 King’s Bench Walk
  • Andrew Jackson Solicitors LLP
  • BDM Law LLP
  • Bentleys, Stokes & Lowless
  • Birketts LLP
  • Campbell Johnston Clark Limited
  • Clyde & Co LLP
  • Davies Johnson & Company
  • Essex Court Chambers
  • Eversheds Sutherland
  • Gateley Plc
  • Hill Dickinson LLP
  • Holman Fenwick Willan LLP
  • Ince & Co
  • Jackson Parton
  • Kennedys Law LLP
  • MFB Solicitors
  • Mills & Co Solicitors
  • Norton Rose Fulbright LLP
  • Quadrant Chambers
  • Reed Smith LLP
  • Stephenson Harwood
  • Thomas Cooper LLP
  • Watson Farley & Williams LLP
  • Wikborg Rein LLP
  • Winter Scott Solicitors

7. MARKET SIZE AND TRENDS   

  • Maritime law revenue of almost £800 million
  • Fewer Cases in the Commercial Court
  • Admiralty Court claims rise in 2016
  • Arbitrations outside the Commercial and Admiralty Courts
  • Mediation

8. THE FUTURE   

  • An improved global economic outlook but risks remain
  • Brexit the big unknown
  • Legal advice regarding technology a key growth area
  • Steady growth forecast assuming a tranquil future

9. ASSOCIATIONS   

10. APPENDIX   

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  • 4 Pump Court
  • 7 King’s Bench Walk
  • 20 Essex Street Chambers
  • Andrew Jackson Solicitors LLP
  • BDM Law LLP
  • Bentleys, Stokes & Lowless
  • Birketts LLP
  • Campbell Johnston Clark Limited
  • Clyde & Co LLP
  • Davies Johnson & Company
  • Essex Court Chambers
  • Eversheds Sutherland
  • Gateley Plc
  • Hill Dickinson LLP
  • Holman Fenwick Willan LLP
  • Ince & Co
  • Jackson Parton
  • Kennedys Law LLP
  • MFB Solicitors
  • Mills & Co Solicitors
  • Norton Rose Fulbright LLP
  • Quadrant Chambers
  • Reed Smith LLP
  • Stephenson Harwood
  • Thomas Cooper LLP
  • Watson Farley & Williams LLP
  • Wikborg Rein LLP
  • Winter Scott Solicitors
Note: Product cover images may vary from those shown
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