English lawyers have long had an edge over their US and continental colleagues. English law was established early as the law of trade, business and increasingly projects – a throwback to the days of the Empire. This was a major driver of growth for UK-based firms in recent decades, but it is well known that New York law has become a rival to English law, especially in banking and finance, as corporates tap into the deep US debt markets.
However, more recently, we are seeing another trend that threatens the dominance of English law in Asia and further afield. Singapore law is increasingly becoming the go-to choice of governing law for Asia-Pacific cross-border deals and a strong choice for global deals.